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.