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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]
Latest News
Advisory for severe lightning issued for Sabaragamuwa, Central and Uva provinces and in Hambanthota district
The Natural Hazards Early Warning Centre has issued an Advisory for Severe Lightning for the Sabaragamuwa, Central and Uva provinces and in Hambanthota district.
The advisory issued at 02.00 p.m. today [07 April 2025] is valid for the period until 11.00 p.m. 07 April 2025
The public are warned that thundershowers accompanied by severe lightning are likely to occur at several places in for Sabaragamuwa, Central and Uva provinces and in Hambantota district. There may be temporary localized strong winds during thundershowers. General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
ACTION REQUIRED:
The Department of Meteorology advises that people should:
Seek shelter, preferably indoors and never under trees.
• Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
• Avoid using wired telephones and connected electric appliances during thunderstorms.
• Avoid using open vehicles, such as bicycles, tractors and boats etc.
• Beware of fallen trees and power lines.
• For emergency assistance contact the local disaster management authorities.
The report of the “Census of Population and Housing 2024,” conducted by the Department of Census and Statistics, was officially handed over to President Anura Kumara Disanayake this morning (07) at the Presidential Secretariat.
This preliminary report has been prepared based on island wide data collected between October and December 2024.
The report provides details on Sri Lanka’s population, its growth and the distribution of the population across districts.
The information gathered through the census is vital not only for the government but also for other institutions in formulating policies and development plans essential for the country’s progress. Significantly, for the first time in the history of census-collecting in Sri Lanka, data collection was carried out using tablet computers and user-friendly mobile devices.
The event was attended by Deputy Minister of Finance & Planning, Harshana Suriyapperuma, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Finance Mahinda Siriwardana, Director General of the Department of Census and Statistics D.D.G.A. Senevirathne and several other officials.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Advisory for severe lightning issued for Sabaragamuwa, Central and Uva provinces and in Hambanthota district
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