North Korean Hackers Strike Again: Bybit's Multi-Signature Wallet Exploited

Cryptocurrency exchange Bybit has been the target of a hack that bears similarities to previous attacks attributed to North Korean hackers, according to SlowMist, a blockchain security firm. The hackers exploited a vulnerability in the exchange's multi-signature wallet system to steal funds, a method that has been used in previous attacks by North Korean hackers.

SlowMist founder Cosmos Yoo posted on BlockBeats News that while there is no concrete evidence linking the hack to North Korea, the method used to exploit the multi-signature wallet and the current money laundering techniques suggest a North Korean connection. The hack is still under investigation, and no official confirmation has been made.

The hack comes as a blow to Bybit, which has been working to improve its security measures following a series of high-profile hacks in recent years. The exchange has not yet commented on the incident, but it is expected to release a statement soon.

The hack also highlights the ongoing threat posed by North Korean hackers to the cryptocurrency industry. The country has been linked to several high-profile hacks in recent years, including the 2018 hack of the South Korean exchange Coinrail and the 2019 hack of the Japanese exchange Bitpoint.

As the cryptocurrency industry continues to grow, so too does the threat of hackers looking to exploit vulnerabilities in exchange systems. It is crucial for exchanges to implement robust security measures to protect user funds and prevent future hacks.