Cracking crypto crimes: How Vietnam’s technologists are tackling the industry’s worst hacks

[HO CHI MINH CITY] As he boarded a flight from Ho Chi Minh City to Dubai, Nguyen Le Thanh had already done what few could in the wake of the largest crypto heist in history: engineer a critical solution and devise response strategies before the plane’s wheels even left the ground.

Just a day earlier, Dubai-headquartered Bybit – the world’s second-largest crypto exchange by trading volume – fell victim to a massive cyberattack, in which North Korean hackers drained US$1.5 billion worth of digital assets from Bybit’s cold wallet, sending shockwaves through the industry.

Thanh, founder of Vietnam-based cybersecurity firm Verichains, was among the first responders. “Investigation is just one thing. The most challenging part for firms is how to deal with the aftermath of the security breach in the most effective way,” he told The Business Times.