How Tricky Minds Stole Billions in Cryptocurrency
An Unseen Threat in the Digital World
In the world of cryptocurrency, keeping your money safe is super important. But even the strongest security systems can be fooled by clever tricks called social engineering. Recently, a huge cryptocurrency theft happened, and it shows how dangerous these tricks can be.
A Billion-Dollar Heist in the Making
On February 21, 2025, a big cryptocurrency exchange called Bybit had a huge problem. Someone stole about $1.5 billion worth of Ethereum tokens from them[3][5]. This wasn’t just a random hack; it was a well-planned operation using social engineering and targeting the supply chain. The hackers were from North Korea, part of a group called Lazarus[3][5].
Tricky Minds: The Secret Way In
Social engineering is when hackers trick people into sharing secret information or doing something that makes the system less secure. In the Bybit hack, the hackers found a way in by targeting a developer’s computer at Safe{Wallet}, a company that Bybit uses[3]. They used a combination of tricks and maybe even secret hacking tools to suggest a bad transaction that no one noticed until it was too late[3].
Attacking the Supply Chain
The hackers found a way to change a harmless JavaScript file on Safe{Wallet}’s system into a bad one. This bad file was designed to cause trouble the next time Bybit made a transaction[3]. This shows how even systems that seem really secure can be in danger if their supply chain is attacked.
North Korean Hackers: A Persistent Threat
North Korean hackers, especially those in the Lazarus Group, have done many big cryptocurrency thefts. They often use tricks like phishing, social engineering, and supply chain attacks[3][5]. The Bybit hack is just one of many they’ve done, and together they’ve stolen over $5 billion since 2017[5].
Cleaning Up the Mess
After the hack, the stolen money was quickly moved around between different blockchains, decentralized exchanges, and cross-chain bridges[5]. This makes it really hard to track the money. The hackers did this very quickly and efficiently, showing how good they are at what they do.
A Wake-Up Call for Keeping Money Safe
The Bybit hack shows us how important it is to be careful with social engineering and supply chain security in the world of cryptocurrency. We need to learn from these kinds of incidents and keep improving our security to stay safe from cyber threats.
—
Sources:
– thehackernews.com
– trmlabs.com
