Unchained
Unchained
Laura Shin
North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them? - Ep. 789
1 hour 27 minutes Posted Feb 25, 2025 at 5:00 pm.
Taylor’s and Jonty’s backgrounds and why they are relevant to this discussion
What the mechanics of the hack were
How Lazarus usually operates and the tactic of blind signing
Jonty’s important tips for people handling large amounts of crypto
How Bybit was able to say almost immediately that their other assets were secure
How much exchanges typically hold in each cold wallet
Why the evidence of the hack points to North Korean group Lazarus
Why North Korean hackers don’t care if their attack is linked to them
How Lazarus typically social engineers its hacks
Why Jonty thinks the industry needs a serious upgrade in terms of security
How the funds get laundered in such cases and what the industry can do
The chances Lazarus actually makes money from the hack
How DeFi protocols should approach this problem
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Show notes
$1.5 billion gone in an instant. And what’s worse, to fund a nuclear weapons program.The largest crypto hack in history just hit Bybit, and the culprit is the infamous North Korean hacking group, Lazarus. Known for some of the most sophisticated cyber heists ever, they often use social engineering tactics and start by tricking low level employees. Although they can often wait to launder funds, in the case of Bybit they started right away.How did this happen? Could it have been prevented? And what does this mean for the security of the entire crypto industry?Taylor Monahan, security at MetaMask, and Jonty, a senior investigator at zeroShadow, talk all about it.Show highlights:
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Mantle
Bitwise
Guests:
Taylor Monahan, Security at MetaMask
Jonty, a senior investigator at zeroShadow
Links
Previous coverage on Unchained about North Korean hackers:
How North Koreans Infiltrated the Crypto Industry to Fund the Regime
Why North Korea Is Interested in Cryptocurrency
Yeonmi Park on Why Doing Business With North Korea Is Like Buying a Ticket to a Concentration Camp
GitHub - pcaversaccio/safe-tx-hashes-util: bash script that checks that the Safe transaction that you are signing is the one that you intend to sign
Cointelegraph: Crypto exchange eXch denies laundering Bybit’s hacked funds
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