Weekly Crypto Recap: Hacks, Arrests, Bybit Proof
The post Weekly Crypto Recap: Hacks, Arrests, Bybit Proof appeared on BitcoinEthereumNews.com.
In this week’s guide, we plan on exposing the dark underbelly of the crypto industry. We’ll dissect the latest exploits of North Korea’s Lazarus Group, a daring heist targeting Gala Games with a surprising twist, and the takedown of a major online drug marketplace. These cases highlight the ever-present threats facing the crypto industry. Lazarus Group Strikes Again! In a startling revelation by the United Nations, the notorious Lazarus Group, a cybercrime syndicate hailing from North Korea, made headlines by laundering a staggering $147.5 million worth of stolen cryptocurrency back to North Korea. Using Tornado Cash, a crypto mixer blacklisted in 2021, they stealthily funneled their ill-gotten gains, leaving authorities scrambling in their wake. This isn’t the first time the Lazarus Group has struck gold. In March 2023, they orchestrated a daring heist on the crypto exchange HTX, making off with millions. Their adept use of Tornado Cash facilitated seamless money laundering, with the UN report revealing a staggering $3 billion pilfered from crypto enterprises between 2017 and 2024. Gala Games Under Attack On May 20, 2024, Gala Games fell victim to a malicious hack that saw attackers minting a whopping 5 billion $GALA tokens without authorization. Initially estimated at a staggering $200 million loss, Gala Games managed to mitigate the damage, with the true value standing at $21 million before their swift intervention. Operating with administrative access to Gala Games’ smart contract, the attacker unleashed a torrent of illicit tokens, plunging the market capitalization of the GALA token from $0.048 to $0.0388. Despite the chaos, Gala Games’ resilience shone through as they recovered and the token price bounced back to $0.042. In a surprising turn of events, the attacker returned 5950 ETH worth about $22.75 million. Gala Games announced a Burn Program, utilizing the recovered funds to purchase $GALA…
Filed under: News - @ May 25, 2024 3:16 pm