The $1.5 Billion Theft Incident Reveals New Security Challenges in Cryptocurrency: An Analysis of the North Korean Hack on Bybit's Multi-Signature Wallet Vulnerability
Recently, the cryptocurrency trading platform Bybit was attacked by the North Korean hacker group Lazarus Group, with stolen assets amounting to $1.5 billion (approximately 400,000 ETH), making it the largest theft in cryptocurrency history. Although the incident caused short-term panic in the market, a deeper analysis reveals that it actually confirms the high security of the underlying technology of cryptocurrencies, as well as the risk resistance capabilities of compliant platforms. 1. Theft cannot be recovered: The immutability and security verification mechanisms of blockchain technology Hackers infiltrated Bybit's cold wallet system and exploited a malicious backdoor contract to steal assets. However, the openness and transparency of blockchain, along with its cryptographic algorithm characteristics, make every transaction traceable and irreversible. Although stolen assets may be dispersed in the short term through mixers or cross-chain bridges, in the long run, their transaction records will be permanently recorded on the blockchain, providing key evidence for legal accountability. This stands in stark contrast to the traditional financial system, where 'once funds are lost, they are difficult to recover,' highlighting the underlying security guarantees of blockchain technology for asset safety.