In a stunning crypto heist, hackers have stolen a staggering $1.4 billion in Ethereum cryptocurrency from crypto exchange Bybit, marking the largest crypto theft of all time. Multiple blockchain monitoring firms and experts have now pointed to North Korea's notorious Lazarus Group as the prime suspect behind the daring heist.

The hack was first detected on Friday, and since then, several blockchain monitoring firms, including Elliptic and TRM Labs, as well as renowned crypto investigator ZachXBT, have been working around the clock to trace the stolen funds and identify the perpetrators. ZachXBT, who was the first to suspect North Korean involvement, claimed he was able to track the stolen cryptocurrency from Bybit to wallets used in previous hacks against Phemex, BingX, and Poloniex, which have all been linked to North Korea.

ZachXBT expressed 100% confidence in attributing the hack to North Korea, citing the similarity in laundering patterns and the involvement of law enforcement agencies in the investigation. Elliptic, a blockchain monitoring firm, also concluded that North Korean hackers were responsible, based on various factors, including the characteristic pattern of laundering stolen cryptoassets. The company's co-founder and chief scientist, Tom Robinson, explained that the attribution was based on the commingling of funds stolen from Bybit with funds from multiple DPRK-attributed thefts, as well as the use of similar laundering methods.

TRM Labs, another blockchain intelligence firm, also concluded with high confidence that North Korea was behind the Bybit hack. The company's analysis, published in a blog post on Friday, highlighted the similarities in the laundering methods used in this hack with those previously seen in DPRK-attributed thefts.

The Bybit hack is just the latest in a long string of crypto heists attributed to North Korea. According to a United Nations panel, the regime's hackers have been linked to at least 58 crypto heists. The United States, Japan, and South Korean governments have also accused Kim Jong-Un's government of stealing more than $650 million in multiple crypto hacks and heists during 2024.

Bybit's spokesperson, Tony Au, declined to comment on the North Korea link, stating that the team was still investigating the incident. North Korea's Permanent Mission to the United Nations also failed to respond to requests for comment.

The massive scale of the Bybit hack has raised concerns about the security of cryptocurrency exchanges and the need for more robust measures to prevent such breaches. The incident also highlights the growing threat of nation-state sponsored cybercrime, particularly from North Korea, which has been accused of using stolen cryptocurrency to fund its military and nuclear programs.

As the investigation continues, the crypto community remains on high alert, with many calling for increased cooperation and information sharing between exchanges, governments, and law enforcement agencies to combat the growing threat of crypto-related cybercrime.