Foreign News
North Korean hackers cash out hundreds of millions from $1.5bn ByBit hack
Hackers thought to be working for the North Korean regime have successfully cashed out at least $300m (£232m) of their record-breaking $1.5bn crypto heist.
The criminals, known as Lazarus Group, swiped the huge haul of digital tokens in a hack on crypto exchange ByBit two weeks ago.
Since then, it’s been a cat-and-mouse game to track and block the hackers from successfully converting the crypto into usable cash.
Experts say the infamous hacking team is working nearly 24 hours a day – potentially funnelling the money into the regime’s military development.
“Every minute matters for the hackers who are trying to confuse the money trail and they are extremely sophisticated in what they’re doing,” says Dr Tom Robinson, co-founder of crypto investigators Elliptic.
Out of all the criminal actors involved in crypto currency, North Korea is the best at laundering crypto, Dr Robinson says.
“I imagine they have an entire room of people doing this using automated tools and years of experience. We can also see from their activity that they only take a few hours break each day, possibly working in shifts to get the crypto turned into cash.”
Elliptic’s analysis tallies with ByBit, which says that 20% of the funds have now “gone dark”, meaning it is unlikely to ever be recovered.
The US and allies accuse the North Koreans of carrying out dozens of hacks in recent years to fund the regime’s military and nuclear development.
On 21 February the criminals hacked one of ByBit’s suppliers to secretly alter the digital wallet address that 401,000 Ethereum crypto coins were being sent to.
ByBit thought it was transferring the funds to its own digital wallet, but instead sent it all to the hackers.

Ben Zhou, the CEO of ByBit, assured customers that none of their funds had been taken.
The firm has since replenished the stolen coins with loans from investors, but is in Zhou’s words “waging war on Lazarus”.
ByBit’s Lazarus Bounty programme is encouraging members of the public to trace the stolen funds and get them frozen where possible.
All crypto transactions are displayed on a public blockchain, so it’s possible to track the money as it’s moved around by the Lazarus Group.
If the hackers try to use a mainstream crypto service to attempt to turn the coins into normal money like dollars, the crypto coins can be frozen by the company if they think they are linked to crime.
So far 20 people have shared more than $4m in rewards for successfully identifying $40m of the stolen money and alerting crypto firms to block transfers.
But experts are downbeat about the chances of the rest of the funds being recoverable, given the North Korean expertise in hacking and laundering the money.
“North Korea is a very closed system and closed economy so they created a successful industry for hacking and laundering and they don’t care about the negative impression of cyber crime,” Dr Dorit Dor from cyber security company Check Point said.
Another problem is that not all crypto companies are as willing to help as others.
Crypto exchange eXch is being accused by ByBit and others of not stopping the criminals cashing out.
More than $90m has been successfully funnelled through this exchange.
But over email the elusive owner of eXch – Johann Roberts – disputed that.
He admits they didn’t initially stop the funds, as his company is in a long-running dispute with ByBit, and he says his team wasn’t sure the coins were definitely from the hack.
He says he is now co-operating, but argues that mainstream companies that identify crypto customers are abandoning the private and anonymous benefits of crypto currency.

North Korea has never admitted being behind the Lazarus Group, but is thought to be the only country in the world using its hacking powers for financial gain.
Previously the Lazarus Group hackers targeted banks, but have in the last five years specialised in attacking cryptocurrency companies.
The industry is less well protected with fewer mechanisms in place to stop them laundering the funds.
Recent hacks linked to North Korea include:
- The 2019 hack on UpBit for $41m
- The $275m theft of crypto from exchange KuCoin (most of the funds were recovered)
- The 2022 Ronin Bridge attack which saw hackers make off with $600m in crypto
- Approximately $100m in crypto was stolen in an attack on Atomic Wallet in 2023
In 2020, the US added North Koreans accused of being part of the Lazarus Group to its Cyber Most Wanted list. But the chances of the individuals ever being arrested are extremely slim unless they leave their country.
[BBC]
Foreign News
Ten killed in fire at India hospital intensive care unit
Ten people have been killed after a fire broke out in the trauma centre of a government hospital in the eastern Indian state of Odisha.
All the victims were patients, while 11 hospital staff are being treated for burns suffered while trying to rescue patients, state Chief Minister Mohan Charan Majhi said.
The fire – suspected to have been caused by an electrical short circuit – started in the trauma care ICU of SCB Medical College and Hospital in Cuttack city around 02:30 local time on Monday (21:00 GMT Sunday).
Hospital fires are often reported in India, with many blamed on electrical faults. Last October, six critically ill patients were killed in an ICU fire in Rajasthan state.
In 2024, a blaze in the neonatal ICU of a medical college in northern Jhansi city killed at least 10 new born babies. In 2021, a fire in the ICU of Vijay Vallabh hospital in the western city of Virar killed 13 patients receiving treatment for Covid-19. Another fire in 2021 at a newborn care unit in Bhandara district in western state Maharashtra killed 10 infants.
In Odisha, the blaze was brought under control after fire service personnel rushed to the hospital. Patients were moved to other departments inside the same hospital, officials said.
SCB Medical College and Hospital is one of the largest government-run medical facilities in Odisha.
Speaking to reporters after visiting the hospital, Majhi said the fire affected the trauma care ICU as well as an adjoining ICU and wards.
Majhi said medical staff and security personnel “risked their lives” during the rescue operation and some of them were injured, adding that the government had directed officials to ensure proper treatment for those hurt in the incident.
The state government has announced financial compensation for the families of the victims. Majhi said he has ordered a judicial inquiry into the incident and said strict action would be taken against anyone found responsible.
Short circuits are among the most common causes of hospital fires in India. Hospitals are particularly vulnerable to fires because they contain a lot of electrical equipment, oxygen systems and patients who often cannot be moved quickly during emergencies.
[BBC]
Foreign News
Ecuador deploys 75,000 soldiers and police to combat drug gangs
The Ecuadorean government has deployed more than 75,000 police officers and soldiers to four of the country’s most violence-wracked provinces, the interior minister says.
The authorities have also declared a night-time curfew in these areas as part of a “new phase” in their “war” on criminal gangs.
Since coming to office in November 2023, President Daniel Noboa has tried to quell drug-related violence but nevertheless Ecuador registered a record murder rate in 2025.
Noboa has also joined a US-led alliance of 17 countries aimed at fighting criminal cartels in the Western Hemisphere.
“We’re at war,” Ecuadorean Interior Minister John Reimberg told residents of the provinces of El Oro, Guayas, Los Ríos and Santo Domingo de los Tsáchilas.
“Don’t take any risks, don’t go out, stay at home,” he added.
Ecuador’s geographical location – sandwiched between Colombia and Peru, the world’s largest producers of cocaine – has turned it into a key transit country for the illicit drug.
Around 70% of the cocaine produced in Colombia and Peru is estimated to be shipped through Ecuador.
Noboa’s government has been working with the administration of US President Donald Trump to quell the flow of cocaine from Ecuador to the US.
Last week, the FBI opened its first office in the Andean country, a move which came shortly after the two countries launched joint counter-narcotic operations.
Noboa was one of the Latin American leaders to attend an international meeting hosted by Trump in Mar-a-Lago, which the US authorities dubbed the “Shield of the Americas” summit.
At the summit, Trump likened criminal gangs to a “cancer” and urged his Latin American counterparts to use military force to root them out.
“We don’t want it spreading,” Trump added.
Following the meeting, Noboa posted a photo on social media of himself standing next to Trump with the words: “For too long, the mafias thought that America was their territory. That they could cross borders, move drugs, guns and [spread] violence without consequences. Their time has run out.”
Since coming to office, Noboa has tried to combat criminal organisations in his country with an iron fist and has declared several states of emergency but nevertheless the murder rate rose by over 30% between 2024 and 2025.
[BBC]
Foreign News
‘Gruesome’ war bets fuel calls for crackdown on prediction markets
Stew, a 35-year-old from Montana, has enjoyed dabbling in sports bets since he downloaded the Kalshi app about 18 months ago.
But just a few weeks ago, after spotting reports of elevated pizza deliveries around the Pentagon during some late-night scrolling, he made a different kind of bet – wagering $10 (£7.50) on the odds that Iran’s Ayatollah Ali Khamenei would be “out” by 1 March.
It was a trade that tested the limits of the kinds of bets Americans are allowed to make.
So-called predictions markets – overseen by firms such as Kalshi – have exploded in popularity over the last year, hosting more than $44bn in trades.
They are rapidly transforming the betting landscape in the US, where sports betting was largely illegal until 2018 and gambling on elections had been off-limits for years until 2024.
While much of the activity on the platforms revolves around sporting matches, users can speculate on any number of questions, including local elections, whether the US central bank will cut interest rates and the year of Jesus Christ’s return.
The apps caught fire during America’s 2024 presidential campaign, after a legal victory cleared the way for them to accept election bets and they showed the odds tilting toward Donald Trump.
But it is more grisly wagers tied to military action involving Iran, Venezuela and Israel that have drawn attention lately.
In theory, such bets run afoul of US financial rules, which bar trading on contracts involving war, terrorism, assassination, gaming or other illegal activities.
But that hasn’t stopped firms from taking in millions of trades.
Critics have seized on the activity, calling for a crackdown on the apps, which they say are facilitating unseemly, and potentially illegal, war profiteering, generating national security risks and enabling opportunities for insider trading and corruption.
“You have now opened up gambling basically on almost anything and it has turned into this very, very gruesome type of thing on the death of a head of state,” said Craig Holman, government affairs lobbyist at the Public Citizen advocacy group, which recently filed a complaint this week over the bets.
Polymarket alone has hosted what Bloomberg estimated as more than $500m in bets related to the Iran war, at one point offering an opportunity to play the odds on the chance of nuclear detonation.
The company, which is headquartered in New York but operates on a limited basis in the US, eventually removed that market after it drew scrutiny on social media but users can still submit bets on questions like when US forces will enter Iran. It did not respond to the BBC’s request for comment.
Kalshi also ended up cancelling the Khamenei market, which had drawn $54m in trades, noting that US-regulated entities are barred from “having a market directly settling on someone’s death”.
The company, which did not respond to a request for comment for this article, has said the war bets are happening on unregulated exchanges outside the US.
Concerns about the war bets have collided with a bigger battle over how prediction market firms should be regulated.
Unlike traditional gaming firms, in which the odds are set by the company, prediction market companies function more like a stock exchange, allowing users to bet against each other on the outcome of future events using “event contracts”.
That design has allowed national financial regulators at the Commodities Futures Trading Commission (CFTC) to claim oversight.
But critics say they are sports betting and gambling operations trying to dress up as financial exchanges in a bid to avoid stricter rules and taxes faced by traditional gaming firms, which are regulated by the states.
Disagreement over who should be policing the apps has sparked dozens of legal battles across the US, as states start to assert their right to regulate the companies like other gaming firms, rather than leave oversight up to the CFTC.
Even some Republicans have voiced concerns, as traditional gaming firms have also stepped up their lobbying, enlisting a savvy former Trump official, Mick Mulvaney, to plead their case in Washington.
“Nobody is saying that gambling shouldn’t be allowed,” says Ben Schiffrin, director of securities policy at Better Markets, which advocates for financial reforms. “What the states are saying and other advocates are saying is things that are gambling should be regulated as gambling.”
Suspiciously timed bets related to military operations involving Israel, Venezuela and Iran have added fodder to those calls.
In recent weeks, Democrats have introduced legislation to bar federal officials from trading event contracts, pointing to incidents such as when a gambler new to Polymarket made nearly half a million dollars on the capture of Venezuela’s president just before it was officially announced.
They have also issued alerts to consumers about the risks of insider trading and written to the administration urging it to more clearly enforce the rules against wagering on war.
But the odds of a crackdown remain long.
Though the Biden administration had taken a hard line on the sector, proposing to ban sports and politics-related event contracts, that regulatory drive stalled after a court defeat and the 2024 election of Donald Trump, who came to power promising a lighter hand.
Last month, the CFTC said it would withdraw the proposed ban on sports and election related contracts.
It has also taken the side of prediction market firms in the legal fights they are facing in the states, which Michael Selig, Trump’s chairman of the Commodity Futures Trading Commission, condemned in a recent opinion piece as “overzealous”.
He argued that event contracts served “legitimate economic functions”, allowing businesses to hedge against risks triggered by events.
“It’s clear that Americans like the product and want to participate,” he said, while also emphasising that platforms must still follow rules.

As the pressure mounts, Polymarket has announced steps to more formally police suspicious activity, while Kalshi, which advertises its status as a “regulated exchange”, has become more vocal about what it is doing to combat insider trading.
It recently announced punishments in two cases of insider trading and disclosed that it had opened up 200 investigations over the last year.
The company also ultimately cancelled the $54m market around Khamenei’s ouster.
In series of statements explaining the decision, the firm said it did not “list markets directly tied to death”, noting that its terms had included that carve-out.
It promised to make the terms more clear from the get-go, saying it had “learned a lot” from the incident.
But in an indication of growing pains, the decision still sparked outrage among users, including Stew, who said the firm had initially “buried” those rules and its explanation seemed disingenuous, given that there were “only a handful of realistic methods” for Khamenei to go.
Stew, who received a refund, said he wasn’t sure regulation was the answer, but he was sympathetic to the idea that the debate seemed to be stumbling around semantics.
“They call it contract trading, which I guess technically speaking, that’s what it is. But if we’re all being honest here, it’s still betting,” he said.
[BBC]
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