North Korean Lazarus Group Launders $300M from ByBit Hack, Funds Suspected for Military Use

North Korean Hackers Cash Out Millions from ByBit Hack

Hackers associated with the North Korean regime, known as the Lazarus Group, have successfully laundered at least $300 million from their record-breaking $1.5 billion cryptocurrency heist on the ByBit exchange. According to BBC.com, the group exploited a supplier of ByBit on February 21, redirecting 401,000 Ethereum coins to their own wallets. Despite ByBit CEO Ben Zhou's assurance that customer funds remain safe, the company has launched a "Lazarus Bounty" program to trace and freeze the stolen funds. However, experts remain skeptical about recovering the remaining funds due to North Korea's advanced laundering techniques and the involvement of less cooperative crypto exchanges like eXch, which reportedly allowed over $90 million to be funneled through its platform.

Dr. Tom Robinson of Elliptic highlighted the sophistication of the Lazarus Group, stating that they operate almost around the clock to obscure the money trail. The stolen funds are believed to be funneled into North Korea's military and nuclear programs. Previous attacks linked to the group include the $600 million Ronin Bridge hack in 2022 and the $275 million theft from KuCoin. The U.S. has placed members of the Lazarus Group on its Cyber Most Wanted list, but arrests remain unlikely. For more details, visit BBC.com.

Dogecoin Hits 4-Month Low Amid Market Decline

Dogecoin has plummeted to a four-month low, trading at $0.18, marking a 30% drop over the past month. According to Decrypt, the decline follows a broader market downturn, with Bitcoin falling nearly 4% to $83,250 and XRP dropping over 7% to $2.18. The slump comes after an initial surge last week, spurred by former President Trump's announcement of a "crypto reserve." However, the gains have since been erased, with most top cryptocurrencies experiencing significant losses.

Cardano (ADA), another coin mentioned by Trump, has managed to retain some of its gains, trading at $0.765, up 17% for the week despite a 7% daily drop. The market volatility has led to the liquidation of $276 million in crypto futures positions within 24 hours. Analysts attribute the downturn to profit-taking and market corrections following the speculative rally. For the full report, visit Decrypt.

Coinbase Plans to Hire 1,000 Employees Amid Regulatory Clarity

Coinbase is set to expand its workforce by 1,000 employees in the U.S. by 2025, signaling renewed confidence in the crypto market. As reported by Bitcoinist.com, the hiring spree follows improved regulatory clarity under the Trump administration, which has provided a more transparent framework for the cryptocurrency industry. This marks a significant turnaround for Coinbase, which laid off 1,100 employees in 2022 due to market challenges.

The U.S. Securities and Exchange Commission (SEC) has also dropped its enforcement actions against Coinbase, allowing the company to focus on growth rather than legal battles. CEO Brian Armstrong attributed the expansion to the administration's efforts to foster a favorable environment for digital assets. The announcement was made following the White House Crypto Summit, where industry leaders discussed regulatory strategies to benefit both investors and businesses. For more information, visit Bitcoinist.com.

Binance Introduces Community Voting for Token Listings

Binance is revamping its token listing process by introducing a community-driven voting system, allowing users to decide which tokens are added or removed from the platform. According to DLNews, this initiative aims to address criticisms of the current listing process, which has been described as "broken" by Binance co-founder Changpeng Zhao. Tokens that receive the most votes and pass due diligence will be listed, while underperforming tokens may face removal.

Coinbase is also exploring a similar approach, with CEO Brian Armstrong proposing a blocklist model to filter out scams. This shift comes as the sheer volume of new tokens—nearly one million per week—renders manual reviews unsustainable. The changes reflect a broader industry trend toward greater community involvement and automation in token management. For further details, visit DLNews.

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