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- 1 The story of the cryptocurrency heist continued in 2024 as hackers managed to steal millions of digital assets.
- 2 Over 4.5 Million USDT and other assets were stolen and funneled to centralized exchanges to avoid eye-catching.
Hackers have a substantial eye on the cryptocurrency market, somehow driving to steal millions of cryptocurrencies back to back. This time, many cryptocurrencies, including ETH, USDT, USDC, BNB, and BSC-USD, were encountered. The stolen assets are transformed into ETH and shifted to centralized exchanges.
Uncovering the Heist
Another major attempt by hackers, stole around 4.5 million USDT, 500 ETH, 106,000 USDC, 924,000 BSC-USD, 268.5 BNB, and 97 million CPD. The hacker behind the mystery remains in shadow, but Lazarus Group is expected as the main lead behind the hack.
The stolen assets are converted into Ethereum and transferred to the centralized exchange including Ethereum, MEXC, ChangeNow, and Binance Smart Chain (BNB).
Keeping an eye on all these incidences, Cyvers, the cybersecurity expert warned crypto holders, suspected involvement of Lazarus Group in the attempt. The heist stirred the crypto community and raised concerns regarding digital asset securities.
Lazarus Group is a cybercrime group run by the North Korean government and is accountable for millions of losses in crypto hacking incidents in 2023. In July 2023, a cybersecurity expert alerted the exchange, to likely susceptibilities after a $100 Million theft coupled to the Lazarus Group hit Coinspaid system and Alphapo.
The activeness in evading law enforcement and leading complex cyber-attacks made Lazarus Group the main suspect of the recent heist.
To make the attempt successful, the hackers gained access to the exchange wallets, enabling the stealing of millions of assets. The hackers did not stop there, they converted the stolen assets into Ethereum, making it challenging for authorities to chase the assets.
Additionally, the hackers shifted the converted ETH to a different exchange including Ethereum and BNB. hacker’s smart work made it a bit difficult to track the unethical actions and rescue the trapped digital assets.
The motive is to facilitate the stolen digital assets and convert them into other fiat or digital currencies. To do so, the cybercriminals funneled the ill-gotten assets into centralized exchanges such as MEXC, ChangeNow, and WhiteBit.
Cyvers’ Warnings To Hackers
Stealing digital assets become a common practice for hackers, raising concerns for Cyvers to safeguard the crypto industry. Cyvers is monitoring the situation and issued warnings to the hackers as well as the Lazarus Group.
Ronin Network $620 Million, Poly Network $610 Million, and KuCoin $281 Million are a few of the biggest crypto heists in the crypto industry. However, a few of the hacks haven’t recovered yet.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
