![[Trending News] The main crypto theft in history uncovers a new danger to the sector](https://i2.wp.com/www.lavanguardia.com/files/og_thumbnail/files/fp/uploads/2024/06/25/667a76eea62a2.r_d.2079-1344-0.jpeg?w=1200&resize=1200,0&ssl=1 "[Trending News] The main crypto theft in history uncovers a new danger to the sector")
The theft of cryptocurrencies valued at 1.5 billion dollars -1,440 million euros- of the Bybit platform sows new doubts in the sector for investment safety. The attack, made last Friday, focuses the looks on cold portfolios, disconnected from the system and are now the target of cybercriminals.
For now, it is the greatest robbery of cryptocurrencies in history at market prices when produced, according to data collected by the Blockchain Elliptic analytics firm. It exceeds 620 million stolen from Ronin in 2022 or 611 million extracted from Poly Network in 2021.
“The most alarming thing is that even cold portfolios, which were once considered the safest option, are now vulnerable,” says Oded Vanunu, head of vulnerabilities in products in Products at Check Point Research, signature of cybersecurity solutions.
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The company has recognized that a hacker took control of an offline portfolio linked to the blockchain ethhereum, which was followed by the exit of the 1.5 billion. First they were transferred to a single wallet, and then dispersed in more than 40. It had money in the Ether cryptocurrency and derivatives, which became Ether before being stolen.
The Arkham analysis firm has indicated that the funds are in new addresses, from which sales are being made to convert them into cash. He points out that behind the attack is the Lazarus group, linked to North Korea. “These are experienced people, which points to a very advanced attacker,” says Shahar Madar, of the Fireblocks security firm, who participates in the robbery investigation.
“This attack represents a change in cybercrime within the crypto ecosystem, where the attackers, instead of exploiting vulnerabilities in the code, now manipulate human weaknesses,” they insist from Check Point.
How did it occur? According to the firm, Sand they take advantage of social engineering attacks, after identifying employees who have the capacity to sign transactions; of “user interface manipulation”, supplanting the original, and “logical exploitation”, with deceptive indications to evade security measures. Hence they point out that “more robust security is necessary”, with real -time monitoring of transactions and behavior analysis to detect fraud before the funds are stolen.
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“Your funds are insured,” says the CEO of the platform
Ben Zhou, CEO of exchangesaid that financing with entities has been closed and funds have been ensured to cover 80% of losses. The company has come out to buy Ether, with the disbursement of about 740 million dollars, according to Arkham. In part, they need them to cover withdrawals: he says he has prosecuted more than 70% of retreat requests after the hacking. “Your funds are insured,” he said in an intervention in streaming In X. The company has come out to buy Ether to guarantee transactions, with the disbursement of about 740 million dollars, according to Arkham.
The impact has been noticed in the crypto market, with generalized decreases on Monday, which come to be around 5% in the case of Ether, linked to Ethereum. In your case, 20% is left so far this year.