Bybit Hit by $1.5 Billion Hack in Largest Crypto Theft Ever

The Dubai-based crypto exchange confirmed a sophisticated breach of its Ethereum cold wallet, with North Korea's Lazarus Group identified as the culprit.

Hackers exploited Bybit's Ethereum cold wallet, stealing approximately $1.5 billion in digital assets, including Ethereum and staked Ethereum.
Blockchain analysis linked the attack to North Korea's Lazarus Group, a state-sponsored hacking collective known for targeting cryptocurrency platforms.
The breach involved manipulating smart contract logic during a transfer, bypassing the cold wallet's security measures to redirect funds to unidentified addresses.
Bybit CEO Ben Zhou assured customers that the exchange remains solvent, with all client assets fully backed, and withdrawals continuing without suspension.
This theft surpasses all previous cryptocurrency heists, including the Ronin Network hack of 2022, and has triggered significant market volatility, with Ethereum and Bitcoin prices declining.