A North Korean hacking group committed the largest cryptocurrency theft in history. Now we know how they did it.

The blow. Many users of Bybit, one of the world’s largest cryptocurrency exchanges, have recently suffered an unprecedented blow. A group of cybercriminals linked to North Korea has perpetrated the largest cryptocurrency theft in history. An attack that not only affected the platform but also provides key lessons about the security and risks of the crypto ecosystem.

An unprecedented theft. As we mentioned a few weeks ago, on February 21, Bybit suffered a serious security breach that resulted in the theft of $1.5 billion in cryptocurrency. But how is it possible that a platform that manages nearly $20 billion in deposits has been the victim of an attack of such magnitude? Let’s see.

The origin of the attack. Cyberattacks rarely occur due to a single flaw. In most cases, it’s a combination of several factors that ultimately opens the door to a security breach. That’s exactly what happened in the recent Bybit attack, the outcome of which could have been avoided if timely action had been taken.