Bybit Suffers Record $1.5 Billion Cryptocurrency Hack

The Dubai-based exchange confirms its solvency as investigations link the theft to North Korea's Lazarus Group.

Hackers exploited a vulnerability during a routine transfer from Bybit's cold wallet, stealing approximately 401,000 Ethereum worth $1.5 billion.
Blockchain forensics and on-chain investigators have attributed the attack to North Korea's Lazarus Group, known for previous high-profile crypto heists.
Bybit CEO Ben Zhou assured users that all client funds are secure and pledged full reimbursement for affected users, supported by the company’s $20 billion in assets and a bridge loan.
The stolen Ethereum, constituting 0.4% of the cryptocurrency's total supply, has been distributed across multiple wallets and partially moved through mixers to obscure its trail.
The incident has reignited concerns about crypto exchange security and potential regulatory oversight, as the industry faces increasing threats from sophisticated cyberattacks.