Just-In: Crypto Hack Leads To $238M Bitcoin Theft, Lazarus Group Involved?

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As a seasoned crypto investor with a decade of experience under my belt, I can’t help but feel a sense of deja vu when reading about yet another massive crypto hack. The $238 million Bitcoin theft is just the latest chapter in this rollercoaster ride we call cryptocurrency.

As an analyst, I’ve been deeply affected by the recent massive cryptocurrency heist that has sent shockwaves through our community. Over $238 million in Bitcoin was stolen, a loss that’s hard to ignore. The first whispers of this incident were shared by the respected crypto detective ZachXBT on platform X (formerly known as Twitter). Furthermore, there’s been speculation surrounding the Lazarus Group’s potential involvement in this theft, adding an unsettling dimension to this already troubling situation.

$238M Bitcoin Stolen In Latest Crypto Hack

Based on ZachXBT’s investigation, it appears a transfer of around 4,064 Bitcoin, equivalent to roughly $238 million, occurred today under suspicious circumstances. The transaction trace linked to the theft, 4b277… (shortened for clarity), showed that the stolen funds were swiftly moved across multiple platforms such as ThorChain, eXch, KuCoin, ChangeNow, crypto mixer Railgun, and Avalanche Bridge.

Currently, it’s uncertain who’s behind the crypto theft. Some members of the crypto community speculate that the Lazarus Group, a notorious North Korean hacking group, could be involved due to their history with similar attacks. However, digital detective ZachXBT has expressed skepticism, suggesting that this time, the methods appear to be different.

Recently, the Pump Fun scam also resulted in losses of nearly $30 million. Furthermore, the first half of 2024 was challenging for the crypto industry, which has seen a surge in high-profile hacks and security breaches.

As reported by Peck Shield Alert, crypto-related frauds and hackings in the year 2024 have surpassed $1.5 billion – a significant jump of approximately 293% compared to the same timeframe in 2023, when the total losses were estimated at $480 million.

2024 saw a significant amount of funds go missing, with only $319 million being reclaimed so far. It’s important to note that Decentralized Finance (DeFi) protocols have been the most frequent targets for cybercriminals, accounting for approximately 59% of the total value that was stolen. In fact, more than 200 instances of cryptocurrency hacks have been documented, impacting over 20 different public blockchains.

Out of all the platforms, Ethereum (ETH), Bitcoin (BTC), and XRP have experienced the greatest level of influence. Notably, Ethereum and BNB Chain were the most frequently attacked blockchains, with each responsible for approximately 31.3% of all hacking incidents.

Latest Hacks In 2024

2024 saw several major crypto hacks apart from the recent Bitcoin heist. Notably, the Ronin Network and Nexera were hit by substantial breaches, resulting in losses of $12 million and $3 million respectively. Remarkably, the funds stolen during the attack on the Ronin bridge were later recovered – a rare occurrence in such cases.

1) Nexera was able to retrieve the majority of the stolen money; however, there’s still an outstanding balance of approximately $400,000 yet to be explained. In addition, during July 2024, WazirX, a popular cryptocurrency platform, experienced a significant breach. This incident led to the disappearance of over $230 million in assets, which consisted of Ethereum, Shiba Inu, Pepe Coin, and Polygon tokens.

After a comprehensive examination conducted by Mandiant Solutions, a division of Google, it was confirmed that WazirX’s systems and computers remained secure throughout the recent cyber incident.

Yet, the report implied that the data breach might have originated from problems with its previous infrastructure and storage partner, Liminal. Nevertheless, Liminal contested these allegations, leading to speculation about the safety precautions used by WazirX.

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2024-08-19 16:22