$1.5B ByBit Hack Explained: The Biggest Crypto Heist in History!

"Now if we assume that the hackers were agents of the government of North Korea it follows that these funds will go to North Korea's treasury It'll then be spent on all of the stuff that governments usually spend money on One of these is defense including development of North Korea's nuclear weapons"

"Before any of that can happen though the crypto that was taken from Bybit needs laundering Now in the immediate aftermath of the hack some observers called for Ethereum to be rolled back to a prehack state which would require a hard fork [...] The hackers used a familiar strategy of repeated cross-chain bridging and mixing followed by more bridging and mixing and infinitum By the 3rd of March all of the stolen ETH had been moved with the vast majority bridged to BTC mostly via Thor Chain"

"BTC was chosen as the destination crypto for several reasons [...] One possibility that springs to mind is international trade with Russia for two main reasons One Russia is allied with North Korea and two Russia's government has publicly encouraged the use of BTC to evade economic sanctions"

"if multi- signature cold wallets at a major exchange with a previously spotless security record aren't safe then our best security practices may need updating Although the methods used in this case were comparable to those used against Wazer X last year So perhaps the industry should have learned a lesson back then and switched to multi-party computation wallets which might have prevented the bybit hack"