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Crypto sleuths join hunt for $1.5bn stolen in biggest ever heist
A company which fell victim to what’s thought to be the world’s biggest ever theft is seeking to recover some of its losses by crowdsourcing online bounty hunters.
Last week, hackers believed to be from North Korea’s notorious Lazarus Group stole $1.46 billion of cryptocurrency from ByBit, a crypto trading platform.
The criminals are trying to rapidly cash out the hoard through a complex online money laundering process.
ByBit is now offering cash rewards to anyone who spots and prevents them from cashing out.
“Join us on war against Lazarus” the company’s CEO Ben Zhou posted online with a link to a new website offering a bounty to anyone who can help.
Cryptocurrencies are stored in public wallets anyone can look up so it’s possible to follow the money as the criminals split it into smaller chunks and send it through various channels to obscure its origins.
The new website has a live leader board showing companies and individuals who have successfully located some of the coins.
The bounty scheme gives 5% of the sum identified to individuals who successfully persuade a company that has control of the funds to freeze the money.
It’s also awarding 5% to the companies that take action.
The website is already displaying millions of dollars in payments to successful crypto sleuths.
“We have assigned a team to dedicate to maintain and update this website, we will not stop until Lazarus or bad actors in the industry is eliminated,” Mr Zhou said.
Crypto investigation firm Elliptic described it as a “really positive innovation.”
“There are a lot of very talented blockchain investigators out there who will now be motivated to track down these stolen funds, and to help to seize them,” said Tom Robinson, from Elliptic.
However Louise Abbott, crypto fraud partner at Keystone Law, suggested the heist would still “negatively impact the perception of trust” in what she said was already a “volatile” industry.
“If such a hack can occur on this scale in the world’s second largest exchange, it can certainly happen again,” she said.
There are no authorities such as central banks or regulators involved in crypto transactions which means anyone who falls victim to criminal behaviour does not have an obvious body to turn to for help.
That’s left ByBit reliant on the goodwill of other crypto companies to act on their behalf. Not all have.
ByBit’s website is keeping track of crypto firms that don’t respond to requests for help.
One exchange called eXch is apparently refusing to cooperate.
According to researchers at crypto investigators Elliptic, eXch is a platform notable for allowing its users to swap crypto-assets anonymously.
In a blog post Elliptic alleges that “hundreds of millions of dollars in crypto-assets derived from criminal activity, including multiple thefts perpetrated by North Korea” have been successfully laundered through the service.
So far $75m from the ByBit hack has been tracked flowing through the website, according to analysis.
EXch has not responded to BBC requests for comment.
ByBit is promising to open up it’s new bounty website to other victims of the prolific North Korean hacking group.
The site has a logo of North Korean leader Kim Jong Un’s hair with a knife through it.
Crypto investigators around the world have attributed the hack to the group which has been blamed for around $6bn of crypto thefts in recent years.
Researchers say the stolen funds are used by the hermit state to skirt international sanctions and develop its military powers.
North Korea has never admitted to being responsible for the Lazarus Group.
[BBC]
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Gold tops $5,000 for first time ever, adding to historic rally
The price of gold has risen above $5,000 (£3,659) an ounce for the first time, extending a historic rally that saw the precious metal jump by more than 60% in 2025.
It comes as tensions between the US and NATO over Greenland have added to growing concerns about financial and geopolitical uncertainty.
US President Donald Trump’s trade policies have also worried markets. On Saturday he threatened to impose a 100% tariff on Canada if it strikes a trade deal with China.
Gold and other precious metals are seen as a so-called safe-haven assets that investors buy in times of uncertainty.
Demand for gold has also been driven by a range of other factors including higher-than-usual inflation, the weak US dollar, buying by central banks around the world and as the US Federal Reserve is expected to cut interest rates again this year.
Wars in Ukraine and Gaza, as well as Washington seizing Venezuelan President Nicolás Maduro, have also helped push up the price of gold.
On Friday, silver topped $100 an ounce for the first time, building on its almost 150% rise last year.
[BBC]
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U – 19 World Cup: Andrew, McKenzie deliver West Indies comfortable win
West Indies wristspinners, Micah McKenzie and Vitel Lawes, combined to take six wickets on a surface that had plenty of turn and bite to close out a rain shortned contest against Ireland. Opting to bat first, the West Indies innings had earlier been held together by keeper-batter Jewel Andrew at No. 3 – his 66 off 82 consisted of four fours and four sixes, the majority of which came in the company of Jonathan van Lange,, during their fourth-wicket partnership of 67.
Jewel departed just six overs after van Lange, in the 33rd, and the rest of the batters struggled. No one besides him managed to cross the 30-run mark. Reuben Wilson scalped up van Lange, before returning to take out two lower-order batters to finish with figures of 3 for 50, closing out the innings with West Indies bowled out for 226.
His effort, complemented by James West’s economical 2 for 24 off seven overs, gave Ireland a realistic chance at chasing down the total. West also opened the batting for Ireland and top-scored for them, hitting a 55-ball 45 that was littered with eight boundaries. By the time he was Lawes’ first victim of the innings, in the 18th over, Ireland sat at a comfortable 82 for 2.
However, the going just got worse from there: Ireland lost four wickets to McKenzie, who spun his way through the middle order. Lawes held back his best over for his final one of the match, fizzing out Oliver Riley with its first ball, and then turning the ball prodigiously against Wilson and Bruce Whaley.
Ireland were on 164 for 7 by the time they played out Lawes’ over, needing an unlikely 62 off the final ten overs. The rain had the final say when it interrupted the match and delivered the final blow to Ireland’s hopes. The DLS par score had shot way past Ireland’s total, and when no further play was possible, West Indies walked away with a convincing spin display and a 25-run win to boost their chances in the Super Sixes.
Brief scores:
West Indies Under 19s 226 in 46.5 overs (Jewel Andrew 66; Reuben Wilson 3-50, Luke Murray 2-37, James West 2-24) beat Ireland Under 19s 164 for 7 in 40 overs (James West 45; Mica McKenzie 4-36, Vitel Lawes 2-41)by 25 runs (DLS method)
[Cricinfo]
Latest News
U – 19 World Cup: Bowlers, Hogan help Australia breeze past South Africa
It took Australia U19s 32.5 overs, going at just around 3.5 runs an over for the majority of a belaboured chase against an excellent South Africa U-19 bowling effort. But they had that liberty after Charles Lachmond’s 3 for 29, and two wickets each from Will Byrom and Aryan Sharma, had bowled South Africa out for 118 all but ensuring the result of the match was in little doubt even at the halfway stage.
South Africa had been reduced to 37 for 4 inside the powerplay, failing to find answers against the raw pace and movement that Lachmund and Byrom found off the surface. Opener Jorich Van Schalkwyk was the sole bright spot for them, battling his way through this period and putting together a 30-run stand with Paul James, even as he was pinged on the helmet off a brutal Kasey Barton delivery.
Spinner Aryan proved to be particularly troublesome to face, as he kept spinning the ball away from the outside edge of the right-handers. He dropped two catches at point before coming into the attack, but made up for his fielding by scalping up two wickets of his own.
James kept one end steady once Schalkwyk was run out for a 26 off 55, but wickets kept falling at the other. He would eventually be the last batter out, for a 60-ball 34 .
In response, JJ Basson led a South Africa bowling attack that was incisive and economical. His spell of 3 for 41 was the highlight of a bowling effort that kept the Australia batters defensive, and also ensured that the Australia line-up lost three wickets for the first time in this tournament – in their fourth match of the tournament.
Steven Hogan never looked comfortable during his 73-ball 43, but timed short deliveries well while cutting late, and mowed down more than a third of the target by himself. He was the last Australian wicket to fall, as Basson’s third wicket. Alex Lee Young and Jayden Draper got together at the crease, and the latter smacked two fours in the 33rd over of the contest to bring it to a close.
Brief scores:
Australia 122 for 4 in 32.5 overs (Steven Hogan 43, Jayden Draper 21*, Alex Lee Young 21*; JJ Basson 3-41) beat South Africa Under 19s 118 in 32.1 overs (Paul James 34; Charles Lachmund 3-29, Will Byrom 2-16, Aryan Sharma 2-27) by six wickets
[Cricinfo]
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