Lazarus Group Suspected in $1.4 Billion Bybit and $29 Million Phemex Hacks

Onchain evidence suggests the North Korean Lazarus Group is linked to the $1.4 billion Bybit hack on February 21 and the $29 million Phemex hack in January. Blockchain security analysts, including Arkham Intelligence and ZachXBT, traced the attacks to the group. The Bybit hack, involving liquid-staked Ether, represents over half of the $2.3 billion stolen in crypto hacks in 2024. Similarities were noted between the Bybit hack and previous incidents like the $230 million WazirX hack. Throughout 2024, North Korean hackers stole over $1.34 billion in digital assets across 47 incidents, a 102% increase from 2023. A joint warning was issued on January 14 by the United States, Japan, and South Korea regarding the growing threat of North Korean hackers targeting the crypto industry.