Bybit Suffers $1.4 Billion Ethereum Hack in One of Crypto's Largest Breaches

The Dubai-based exchange pledges to cover losses as investigations point to North Korean state-sponsored hackers.

Bybit's Ethereum cold wallet was hacked on February 21, 2025, resulting in the theft of 401,347 ETH valued at over $1.4 billion.
Hackers used advanced phishing and social engineering tactics to bypass multi-signature authentication and manipulate transaction protocols.
Investigators, including blockchain expert ZachXBT, have linked the attack to the Lazarus Group, a North Korean state-sponsored hacking entity.
Bybit CEO Ben Zhou assured users that client funds remain secure, operations are unaffected, and bridge loans will cover 80% of the losses.
The breach highlights ongoing security challenges in the crypto industry, with $2.2 billion stolen in 2024, and raises questions about cold wallet vulnerabilities.