Bybit Hack: Record-Breaking Attack

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North Korean thefts

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North Korean hackers

financialpost

•

Business

Business & Economics

North Korea’s US$1.5 billion heist puts crypto on notice

Summary

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70% Informative

Hackers managed to drain a so-called “cold” crypto storage wallet, a piece of hardware used to hold the private key needed to access funds.

The impact on the industry and the nascent regulations governing it are far-reaching.

Staving off North Korean thefts will likely require much higher spending by crypto exchanges, more stringent regulations and increased coordination between governments.

Hack puts the spotlight on a potentially existential issue for an industry that scored a huge win when Donald Trump returned to the White House in January .

North Korean hackers have begun stepping up attacks on centralized exchanges.

Centralized exchanges sit at the heart of the crypto ecosystem and often handle hundreds of billions of dollars of trading volume a day.

The FBI circulated a list of blockchain addresses linked to the hackers.

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Neutral language

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semi-formal

Language

English

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Offensive language