Ahmedabad: Heavy upheaval has been seen in the cryptocurrency market for the last 3-4 months. Other cryptocurrency, including bitcoins, is seen to be sharp, but the cases of fraud in the crypto market have also increased. The case of fund theft from the world’s largest Crypto Exchange Binense is not yet calm, India’s largest Crypto Exchange WazirX has also had to shut down Crypto and Money Transactions in July 2024 after scammers were targeted by scammers.
Another crypto theft of this type has come to light. Late night of 21 February 2025, cyber robbers carried out the biggest theft in history. The Crypto Bazaar suffered a major setback after the attack on Bibit late Friday night.
Hackers launched the biggest attack on the Crypto Exchange Bibit and stole around $ 150 million, or about 1.5 crore rupees. Ether crypto worth Rs 12,850 crore has been stolen. The scamsters stole 401,347 ether in history’s biggest crypto theft. According to Forbes reports, market analysts estimate that North Korea’s Lazaras Group is behind this cyber attack.
Regarding the attack, Baybit CEO Ben Zhou said that hackers targeted the Crypto Exchange ether cold wallet and transferred $ 1.5 billion crypto property to unknown location through several transactions. The CEO of Bibit revealed in the X-Post that only an ether cold wallet was targeted by hackers, while all other wallets are safe
The worldwide has more than 60 million users of buybits. In terms of volume, Bibit is the second largest crypto exchange in the world. Bibit mainly handles transactions in cryptocurrency such as bitcoin and ether. The biggest crypto attack ever on Friday has frightened users. Fear is spreading all around. Is our money safe?
CEO Ben says that only an ether cold wallet was targeted by hackers and the rest did not affect the rest and the exchanges are normally taking place. The company says that the security team and forensic experts are investigating the case. Ben’s most important statement was that even though the stolen crypto property is not recovered from hackers, no user would be damaged. Everyone’s money will be returned. The entire deficit will be borne by the company.
It is worth noting that in July 2024, North Korean hackers were also blamed for hacking India’s WazirX Crypto Exchange. The cyber attack resulted in theft of $ 235 million from investors and lost 15 million users of the exchange.
According to blockchain analytics firm Chanalisis, Crypto fraud reached a record high in 2024 last year due to the increasing use of AI generative AI in the scam of ‘pig cutting’. In the ‘pig slaughter’ scam, criminal elements establish relationships with individuals and then persuade them to join the fraud. According to Chanalis’s 13 February report, the income from the scam of ‘pig cutting’ last year has increased by about 40 percent. Last year, at least $ 9.9 billion was stolen from the crypto market, but if more data comes out, the figure could reach $ 12.4 billion.
CEO Ben Zhou’s Chinese connection
Ben Zhou is the co-founder and CEO of Bibit, a cryptocurrency derivative exchange with first headquarters in Singapore and currently in Dubai. China -born Jhou spent several years in New Zealand and returned to China after studying at a university in the United States. He was the General Manager of the Greater China Sector of Forex Brokers XM for seven years. In 2016, a friend introduced Zhou to cryptocurrency, and he was immediately fascinated by the possibilities and possibilities seen in Crypto Trading. Given the lack of awareness about cryptocurrency in the public, he started a YouTube channel in 2017 and established a buybit in 2018 and today has become the second largest crypto exchange in the world in terms of bibet volume.
So now Korea has more ether than founders.
Crypto analytics firm Arkham also believes that the Bibit hack was done by the Lazaras Group. If the involvement of Korea’s Lazaras group in the Bibit scam is confirmed, North Korea can now become the biggest holder of Ether. Lazaras will eventually have its established cryptocurrency owned by the founder of Ether Vitallic Butterin and Ether Foundation. It remains to be seen whether North Korea uses the money received from such unauthorized activities for nuclear weapons.
