Bybit hack a ‘North Korea issue’ and not a crypto issue: pro

The recent hack bybit is a geopolitical question rather than a fundamental defect in the safety of cryptocurrencies, according to Meltem’s semi-minuscules from Crucible Capital.

Speaking on “Power Lunch from CNBC», Demmireurs and CEO of TrustedSec, David Kennedy, Linked the attack to North Korea Lazarus groupwhich has a history of targeting digital assets.

Kennedy noted that the hack reflected the previous cyber attacks which were based on social engineering tactics to compromise the accounts of the developers.

“They have done a lot of research and a lot of understanding around exchanges and infrastructure, as well as the functioning of these types of components of public and private keys,” said Kennedy.

The attack targeted the safe portfolio infrastructure of Bybit and Displaced funds Thanks to a network of 50,000 addresses to obscure transactions.

Half-prices have pointed out that the safety of cold Bitcoin storage has remained intact, but the risks of private keys are still present in the cryptocurrency. However, she highlighted an increasing collaboration in industry in response to hacks.

The half-prises noted that an attack like this could have seriously had an impact on the appeal in 2022 or 2023, but better cooperation between security providers, exchanges and governments strengthened the follow-up of assets and freezing efforts.

The two experts agreed that the attack highlights the need for increased security but does not undermine that of Bitcoin (BTC) Investment cases.

“This is a problem of North Korea. This will be the question of North Korea, “said the half-members. “The Trump administration is intelligent on crypto. They consider this not as a crypto problem. »»

Kennedy added that if cryptocurrency systems are designed to be sure, human vulnerabilities remain the greatest risk.