Bybit, a major cryptocurrency exchange, has been hit by the largest crypto heist in history, with hackers draining approximately $1.5 billion in digital assets. The attack compromised Bybit’s cold wallet, an offline storage system designed for security. However, CEO Ben Zhou assured users that all other cold wallets are secure and withdrawals are normal.
Blockchain analysis firms, including Elliptic and Arkham Intelligence, traced the stolen crypto as it was moved to various accounts and swiftly offloaded. The hack far surpasses previous thefts in the sector, including a $611 million theft from Poly Network in 2021 and a $570 million drain from Binance in 2022.
Analysts at Elliptic linked the attack to North Korea’s Lazarus Group, a state-sponsored hacking collective known for siphoning billions of dollars from the cryptocurrency industry. The group is believed to have exploited security vulnerabilities to finance North Korea’s regime.
Bybit has secured a bridge loan from undisclosed partners to cover any unrecoverable losses and maintain operations. Industry experts warn that large-scale thefts remain a fundamental risk, but analysts say making it harder for hackers to benefit from crimes like this can reduce the frequency of such attacks.
Source: https://www.cnbc.com/2025/02/21/hackers-steal-1point5-billion-from-exchange-bybit-biggest-crypto-heist.html