It looks like Kim Jong Un's cyber army just found their next rocket fund – Bybit's entire ETH cold wallet.

We're talking about 401,347 ETH vanishing into the coffers of the hermit kingdom – a whopping $1.4 billion.

Even for Lazarus Group, this is a flex that makes their Ronin hack look like pocket change.

The Hack That Shocked The World

The hackers pulled off something straight out of a crypto nightmare – they spoofed Bybit's entire signing interface, making it look like just another day in the office for the poor victims. 

The wallet operators thought they were doing a routine warm wallet transfer when they were actually sending the entire bag to North Korea.

That's like thinking you're sending funds to Binance but actually sending them straight to Pyongyang – oops.

Our favorite blockchain detective ZachXBT is already all over the case and connecting dots like child’s play.

The wallet patterns match Lazarus Group's previous work – they seem to be following a playbook they’ve developed for on-chain transfers after their hacks.

Arkham is even throwing 50,000 ARKM at anyone who can help catch these guys – though good luck collecting that bounty from North Korea.

This is pro-level hacker stuff.

Big Players Mean Big Numbers

Lazarus Group is allegedly responsible for a massive 61% of all stolen crypto in 2024, and now they're starting 2025 with a bang.

Putting it into perspective, this single hack is worth more than their entire 2024 haul of $1.3 billion.

The U.S. government says these funds are basically paying for 30% of North Korea's missile program – talk about Web3 utility.

Bybit's Damage Control

Ben Zhou is working around the clock in an effort to keep everyone calm while his team tracks the 401,347 ETH across the blockchain.

The good news is that hackers can’t move the funds into USDC or USDT, as Circle and Tether will just freeze the accounts. 

So, for now, the hackers are stuck holding these funds like a hot potato until they either drop the ball and get caught or find a way to wriggle out of the watchful eye of the entire industry. 

They've already secured a bridge loan for 80% of the stolen funds, which is actually quite impressive given the gravity of the situation.

And somehow, they're still processing withdrawals like nothing happened – that's what we call keeping it professional.

A Historic Breach

This is the biggest crypto hack in history – the second-largest isn’t even close in terms of scale and dollar value.

If North Korea can spoof a major exchange's cold wallet interface, nobody's funds are really "SAFU" anymore. 

As the old saying goes, not your keys, not your crypto... unless you're up against state-sponsored hackers, then maybe not even your cold storage can keep things secure.