The recent $1.4 billion hack of cryptocurrency exchange Bybit has sent shockwaves through the industry, with many wondering who could be behind such a massive cyber attack. Now, new evidence has emerged linking North Korea’s notorious hacking group, Lazarus Group, to the hack. This revelation comes from ZachXBT, a well-known security researcher and analyst.

According to ZachXBT, the evidence connecting Lazarus Group to the Bybit hack is based on onchain data analysis. This data shows that the same wallet used to receive the stolen funds from the Bybit hack was also used in a previous hack on another cryptocurrency exchange, Phemex, in January of this year. This wallet has been linked to North Korea’s Lazarus Group, known for their sophisticated cyber attacks and involvement in the cryptocurrency space.

The Phemex hack, which resulted in the theft of over $3 million worth of cryptocurrency, was initially thought to be the work of a lone hacker. However, with this new evidence, it appears that the attack was part of a larger operation orchestrated by the Lazarus Group. This group has been linked to numerous high-profile hacks and cyber attacks, including the infamous Sony Pictures hack in 2014.

The use of cryptocurrency by North Korea for illicit activities has been a growing concern for governments and law enforcement agencies around the world. The country has been accused of using stolen funds from cyber attacks to fund its nuclear weapons program. This latest revelation only adds to the urgency of addressing the issue and finding ways to prevent such attacks in the future.

The cryptocurrency industry has been working towards improving security measures and preventing hacks, but incidents like the Bybit and Phemex hacks serve as a reminder that there is still much work to be done. As the industry continues to grow and gain mainstream adoption, it is crucial for exchanges and users to remain vigilant and take necessary precautions to protect their assets.