Bybit had a terrifying night: $1.5 billion was stolen, the truth behind North Korean hackers "targeting" the crypto circle

Followin' the instinctive nature of insects to extract the delicious essence of eggs, while also grappling with the challenge of fortifying the hardness of eggshells, a game of wits may be a test within the ecosystem, as well as an opportunity for progress. The "golden egg" of Bybit has been breached, a harrowing weekend in the crypto world, ultimately revealing that the North Korean hacker group Lazarus Group utilized forged "blind signatures" to bypass the multi-signature mechanism, stealing approximately $1.5 billion in assets. This attack involved over 400,000 ETH, 90,000 stETH, 15,000 cmETH, and 8,000 mMKM. By 8 AM the next day, the stolen assets had been dispersed across 51 addresses. Self-examination, self-rescue, and industry-wide protection - the $1.5 billion in stolen assets is unlikely to be recovered, but the focus now shifts to calming the panic and stemming the withdrawal rush. Industry partners have stepped in with trust and assistance, while security teams have traced the chain of events, identified the perpetrators, and shared their transparent operations, demonstrating their execution and dedication. The price fluctuations have already subsided, and Bybit has promised 1:1 backing, aggressively acquiring ETH spot in the secondary market to be prepared. This buying pressure has clearly boosted ETH, making withdrawals less of a priority, and the industry has averted a liquidity crisis. The question arises: Why are North Korean hackers targeting crypto? Looking at the cause and effect, one must consider the global landscape and historical context. If you were an exceptional programmer in North Korea, you may ultimately become a "black knight" under the command of the "General," taking pride in this role. North Korea, a land bereft of strategic territory and natural resources, even lacks the labor-intensive industries to sustain itself. With an annual foreign exchange income of only a few hundred million dollars, mostly from labor exports, the country has even deployed special forces to the Russia-Ukraine war to generate political capital. While impoverished, the North Korean leadership has a pool of talented individuals, such as state-level hackers, to serve as cyber-raiders - generating revenue and bolstering national cyber security, as the best defense is often offense. Infiltrating other countries' "backyards" to steal what they can, or at least establish a presence, is an attractive proposition. Many defectors have reported that North Korea is not truly "isolated" - at least its cyber warfare units have 24/7 global connectivity, while providing for the basic material needs of the population, training hackers is a cost-effective and loyal endeavor. From the moment they begin their education, these "black knights" are imbued with a mission and objective, divided into different groups to focus on attacking specific countries, such as the US, South Korea, and Japan. Once assigned to a "national group," they spend nearly two years embedded in the target country, learning the local language and culture, to avoid detection beyond their technical prowess. The anonymity and transfer convenience of blockchain and crypto have fueled the entire industry chain for these black knights, from breaching to cashing out - crypto heists are all too common: What can retail investors do? Retail investors are lagging indicators - the hacked platforms and projects fear that retail investors will rush to withdraw, so don't blindly trust the security levels and payout promises of large platforms. FTX's so-called margin and payout capabilities collapsed in a matter of days. Capital will flee without the burden of refugee victims, so retail investors must be self-aware and have survival skills: Use a hardware wallet: A hardware wallet is like a physical safe, storing your private keys offline and greatly reducing the risk of hacker attacks. Ledger, Trezor, and others are reliable choices. Enable two-factor authentication: Enable two-factor authentication on trading platforms, such as SMS or Google Authenticator. Even if your password is compromised, hackers won't be able to log in without the verification code. Be cautious of phishing emails and links: North Korean hackers often use phishing attacks, sending seemingly legitimate emails or links to trick you into entering your account credentials. Be vigilant and don't click on suspicious links or enter your crypto-related information on untrusted websites. Regularly change passwords: Regularly update the passwords for your trading platforms and wallets, using complex combinations of letters, numbers, and special characters to enhance security. Stay informed on security news: Stay up-to-date on security news in the crypto industry, learn about the latest hacking methods and prevention techniques, and adjust your security strategies accordingly. Conclusion: Security is the lifeline of a bull market The Bybit incident once again proves that in the crypto industry, the cost of security vulnerabilities far exceeds the pace of technical iterations. Whether it's exchanges or ordinary users, only by integrating "paranoid-level security" into every transaction, every line of code, and every signature can we defend against the onslaught of nation-state hackers. As Slowmist founder Yu Chao said, "Security is not a cost, but the bottom line of survival."