The Mysterious Link between Crypto Hacks and Park Jin Hyok
On February 21, Bybit, a major crypto exchange in Dubai, suffered a massive cyberattack. Hackers stole around $1.5 billion from the company’s Ethereum cold wallet. This is now the biggest crypto heist ever.
On-chain analyst ZachXBT first spotted unusual activity. Bybit’s CEO, ben Zhou, later confirmed the breach. The attackers tricked wallet signers into approving an unauthorized transfer. They masked the transaction too seem legitimate, bypassing security measures.
Investigators linked the attack to North Korea’s Lazarus Group.This group is infamous for major cyber heists like the $600 million Ronin Network breach in 2022 and the $234 million WazirX hack in 2024.
Reports suggest Park Jin hyok, a Lazarus member, might be behind the Bybit hack. If true, it woudl make him one of the most dangerous hackers ever. Hyok has a long history of cybercrime. In 2018, the FBI issued a wanted notice for him.
The Lazarus Group, allegedly backed by North Korea, has orchestrated devastating cyberattacks worldwide. Their early attacks focused on espionage. Over time, they shifted to financial crime, stealing billions from banks and crypto exchanges.
Hyok’s career began at Chosun Expo, a government-linked IT company. His name gained international attention after the 2014 Sony Pictures hack. The 2017 WannaCry ransomware outbreak further cemented his reputation as a cybercriminal mastermind.
Lazarus Group’s Escalating Crypto Heists: A Timeline of Cybercrime
The Lazarus Group, a North Korean hacking collective, has been wreaking havoc in the crypto world. Despite denying involvement, evidence strongly links them to numerous high-profile attacks.Their tactics have evolved,focusing more on crypto theft to evade sanctions.
In 2017, Lazarus targeted South Korean exchanges, notably Youbit, causing its bankruptcy. The following year, they struck Coincheck, stealing $530 million. This was the largest crypto heist at the time. Investigators found that North Korean operatives used phishing and malware to infiltrate Coincheck’s network.
By 2022, Lazarus had shifted to targeting blockchain networks. The Ronin network breach saw $600 million drained from Axie Infinity’s sidechain. The attackers exploited a weakness in the validator system, using compromised keys to authorize fraudulent transactions.
In 2024, WazirX, an Indian exchange, lost $234 million. The attackers exploited API vulnerabilities, gaining unauthorized access. Blockchain forensics traced the stolen assets back to North Korea.
The Bybit hack in 2025 revived the same pattern on a grander scale, siphoning $1.5 billion. Lazarus’s playbook blends deception, infiltration, and precision laundering. They weaponize human psychology to bypass security measures.
According to Chainalysis, North Korea-affiliated hackers stole $660.50 million in 2023.In 2024, this number rose to $1.34 billion. In just two months of 2025,they surpassed their 2024 total.
Lazarus’s operations start long before a breach. North Korean IT workers embed themselves in crypto companies using fake identities. Once inside, they gather intelligence on security protocols. Attacks are executed through social engineering and technical exploits.
Once funds are stolen,they are moved through decentralized exchanges and privacy wallets like Tornado Cash.The world is losing the cyber war, and Lazarus knows it.
Crypto Heists: The Dark Side of Blockchain
Crypto thefts are becoming more elegant. Assets move quickly between various blockchains, making it hard for investigators to track them. This rapid movement confuses the trail, hiding the original source of the stolen funds.
often, stolen crypto is converted multiple times. It switches between Bitcoin, Ethereum, and stablecoins. The goal is to end up in wallets controlled by North Korean operatives. Some of these assets even pass through legitimate crypto trading firms. This adds another layer of complexity, making it harder to trace the origins. It also helps the regime turn digital assets into real money, bypassing international sanctions.
Park Jin Hyok is a key figure in these operations. He’s involved in almost every major Lazarus group heist. Whether he’s the mastermind or just a skilled operative, his influence is undeniable.
The recent Bybit attack shows how tactics are evolving. The real concern is not just how these heists are executed, but how long the world can stay ahead. The next billion could vanish into the digital void at any moment.
