North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them? - Ep. 789
Episode publishedPodcast: UnchainedUnchained
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The other thing is that that's actually quite unique to the North Korean threat actors is that they're operating in a in a in a very, very low trust environment. Right? North Korea on the whole, but especially within these operations, like, the individual operators, the individual, like, hackers or money launderers really have nobody. Like, their bosses don't trust them. Their peers don't trust them. Right? Like, their their I think, like, Western culture around, like, teams and management and empowering your team, It does not exist in North Korea.
Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. We are now featuring quotes from listeners on the show. Today, we have comments responding to my interview with CoinDesk's Danny Nelson about the Libra scandal. On x, oversider writes, quote, the meme coin market is being deliberately crushed. The global financial system is changing and cryptocurrency is being integrated. This circus with the characters is just noise. Also an x, Zen BTC says, quote, mean coins will survive anything, but the real story is Bitcoin adoption in Argentina is
for having us, Laura. Thank
you, Laura. Thanks for inviting us on.
And just a heads up for video watchers, Jon T is not on camera for reasons that we will get into in a moment. So on Friday, crypto exchange Bybit was hacked for just over 400,000 ETH, which was worth so the ETH itself was worth $1,100,000,000. And then when you throw in the other types of ETH, including, for instance, staked ether or mETH, that totals $1,500,000,000. This was the largest hack in crypto history. It also appears to be the largest hack ever in all history. Before we dive into the details, let's start with both of your backgrounds and your roles. So why don't you tell us a little
Thanks, Laura. So I've been in crypto for a while. I've been building wallets for a while. My official job is security at MetaMask. So I do all sorts of stuff with the security teams to make sure that our product is secure, improve the product for end users so that they can be more secure, that sort of stuff. A a large portion of my role these days focuses on on tracking the threat actors and following them, understanding them, and hopefully trying to get better outcomes, not just for our users, but for the entire ecosystem. And in the last couple of years, I've really focused on what I consid
Yeah. So my name is Jonty. I work for a company called Zero Shadow. We're a Web three security and instant response company. So we help crypto companies around the world, firstly prevent, but also respond to instance like, the Bybit incident the other day. And really, as an investigator there, my my role is to track, trace, recover assets, work in very close collaboration with all sorts of industry partners to warn them of funds that potentially they're handling related to specific incidents. And then also work with law enforcement to actually recover those funds for the victims. Victims are v
I think I've said this on the show, but also my ancestors are from North Korea. I got very, very interested in North Korea about fifteen years ago. A random friend of mine, who is not Korean in any way, just decided to give me this book that's about North Korea, and I became kind of obsessed with the country after that. So, alright, let us now get into what happened here with this Bybit hack. Why don't we just start with, like, what Bybit's security setup was and how they normally signed transactions? And then from there, we can go into, like, what actually happened.
K. So ex
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