North Korea’s $1.5 Billion Heist Puts the Crypto World on Notice

As news started spreading about a massive hack on crypto exchange Bybit last Friday, cybersecurity researchers quickly concluded that the era of giant digital-asset heists had entered a new and potentially ruinous phase.

It wasn’t just the size of the exploit, although at close to $1.5 billion, it was the biggest ever by a wide margin. Within hours, it was clear that the attack — which the Federal Bureau of Investigation attributed to North Korea’s Lazarus Group — was far more ambitious, and difficult to prevent, than any that preceded it.

Perhaps most disturbing was that the hackers ...