Bybit Reports $1.5B Crypto Theft Linked to Lazarus Group Hack

Bybit, a Dubai-based crypto exchange, experienced a significant security breach resulting in the theft of $1.5 billion worth of digital currency, reportedly by North Korea's Lazarus Group. The attack involved intercepting a transaction from Bybit's cold wallet to its warm wallet, leading to the diversion of 401,000 ETH.

The incident caused Ethereum and Bitcoin prices to drop by nearly 7% and 3%, respectively, although they have since recovered. Following the hack, Bybit faced a withdrawal surge amounting to $4 billion.

Key Points

Bybit confirmed all withdrawals are being processed normally.
CEO Ben Zhou assured users of fund safety on social media.
In 2024, $2.2 billion was stolen from crypto platforms, marking the fifth year with losses exceeding $1 billion.
Bybit has over 60 million users and $36 billion in daily trading volume.
Previous major hacks include $350 million from Mt Gox in 2014 and $570 million from Binance in 2022.

This breach highlights ongoing cybersecurity risks within the crypto industry. Investors are advised to remain cautious about platform security and consider alternatives such as non-custodial wallets for enhanced control over their assets.