How to Absorb the Deliciousness of Eggs

The nature of ants and insects is to tirelessly seek the deliciousness of eggs, while the life within the shell is in a panic over how to strengthen the hardness of the eggshell. A game may be a challenge within the ecosystem and also an opportunity for progress.

The "golden egg" Bybit was breached, marking a terrifying night in the crypto world over the weekend. It was ultimately revealed that the North Korean hacker group Lazarus Group used forged "blind signature" technology to bypass the multi-signature mechanism, stealing approximately $1.5 billion in assets. This attack involved over 400,000 ETH, 90,000 stETH, 15,000 cmETH, and 8,000 mMKM. By the next morning at 8 AM, the stolen assets had been dispersed to 51 addresses.

Self-examination and mutual protection within the industry: The stolen $1.5 billion in assets is impossible to recover, but calming the panic and withdrawal rush is the key focus moving forward. Industry partners trust each other for assistance, and security teams are tracing the sources on-chain to clarify the cause and effect of the incident, rooting out the gang behind it. The team's transparent operations are shared live, allowing everyone to see the team's execution and seriousness. From the perspective of price fluctuations, the subsequent impact of this incident has already passed. Bybit's promised 1:1 backing is being supported with real money, aggressively acquiring ETH on the secondary market for emergencies. This large buyer's influence has significantly boosted ETH, making withdrawal not the first choice for risk aversion, thus averting a liquidity crisis in the industry.

One can't help but ask: Why are North Korean hackers targeting cryptocurrency?

To understand the cause and effect, one cannot only look at the results; it must be placed within the context of the global situation and historical processes. If you are an outstanding coder in North Korea, you will ultimately become a "golden general" commanding black knights, and take pride in it.

North Korea is a land of three abandonments, with no strategic territory, no mineral resources, and even labor-intensive industries cannot be developed. Due to its isolation and external sanctions, it earns only a few billion dollars in foreign exchange each year, most of which comes from labor exports to earn money for the country. Even the recent Russia-Ukraine war has seen special forces dispatched to exchange for political capital. While it may be impoverished, if the upper echelons want to do something that benefits the country, there are still plenty of talents available, such as national-level hackers acting as cyber demolition experts, generating revenue while strengthening national cybersecurity. After all, the best defense is offense; if they can stroll through the backyards of various countries and take something, that would be ideal. If not, they can still remain undercover.

Many defectors from North Korea have been reported, North Korea is not truly "closed off". At least in terms of national security and cyber information sources, the cyber warfare units can be globally interconnected 24/7. It is quite cheap and loyal to train a hacker while ensuring material living conditions. From the first day of education, these "black knights" are assigned missions and goals, divided into different groups focusing on attacking different countries and regions, such as the United States, South Korea, and Japan. Once hackers are assigned to a specific "national group," they will spend nearly two years infiltrating that country, learning the local language and cultural knowledge, so as not to expose any flaws beyond their technical skills.

The anonymity and transfer convenience of blockchain encryption have further spawned a talent chain from demolition to monetization for these black knights, making cryptocurrency theft a common occurrence:

What should retail investors do?

Retail investors are lagging behind. The platforms and projects that have been hacked fear that retail investors will know and rush to withdraw. One should not blindly trust the security levels and compensation promises of large platforms. The so-called margin and compensation capabilities of FTX collapsed within two days. Capital fleeing will not carry along refugees and disaster victims, so retail investors must be self-aware and have means to protect themselves. Regular safety operations are necessary, such as:

Use hardware wallets: Hardware wallets are like a physical safe, storing your private keys in an offline device, greatly reducing the risk of being hacked. Hardware wallets like Ledger and Trezor are reliable choices.

Enable two-factor authentication: Turn on two-factor authentication on trading platforms, such as SMS codes or Google Authenticator. This way, even if your password is leaked, hackers cannot log into your account without the verification code.

Be cautious of phishing emails and links: A common tactic used by North Korean hackers is phishing attacks. They send seemingly legitimate emails or links to trick you into entering your account password. Therefore, everyone must remain vigilant, avoid clicking on links from unknown sources, and refrain from entering cryptocurrency-related information on untrusted websites.

Regularly change passwords: Change the passwords for trading platforms and wallets regularly, using complex combinations that include letters, numbers, and special characters to enhance password security.

Stay informed about security news: Pay attention to security news in the cryptocurrency industry, understand the latest hacking methods and prevention strategies, and adjust your security measures in a timely manner.

Conclusion: Security is the Lifeline of a Bull Market

The Bybit incident once again proves that in the crypto industry, the cost of security vulnerabilities far exceeds the speed of technological iteration. Whether for exchanges or ordinary users, only by integrating "paranoid-level security" into every transaction, every line of code, and every signature can we hold the line in this confrontation with national-level hackers. As the founder of Slow Mist, Yu Xian, said: "Security is not a cost, but the bottom line of survival."