The Lazarus Group, a cybercrime syndicate linked to North Korea, has long been a thorn in the side of the crypto industry. Since 2017, the group has stolen over $6 billion in digital assets, funneling the proceeds into the country’s ballistic missile program. The Bybit heist alone accounts for nearly a quarter of that total.

Investigation revealed that BingX, & Phemex hacks were also connected to the same cluster as Bybit's, confirming the threat actor’s identity as the Lazarus group.

Cryptocurrency exchange Bybit said last week hackers had stolen digital tokens worth around $1.5 billion, in what researchers called the biggest crypto heist of all time.