North Korean cyber actors reportedly scaled back their operations in late 2024 in preparation for the Bybit hack, which became the largest cryptocurrency hack in history. According to blockchain analytics firm Chainalysis, there was a notable decline in illicit activity linked to North Korean hackers after July 1, 2024, coinciding with a surge in attacks earlier that year. There are speculations that this decline represented a regrouping phase before the Bybit attack, which occurred on February 21, 2025. Throughout 2024, North Korean hackers executed 47 incidents, stealing over $1.34 billion in digital assets—an increase from $660 million in 2023. The Bybit attack involved compromising an Ethereum multisig cold wallet through a deceptive transaction, leading to unauthorized transfers of ETH. Experts noted that even centralized exchanges with strong security measures remain vulnerable to such sophisticated attacks.

Source 🔗