Hackers Pull Off Record-Breaking $1.5 Billion Crypto Heist Targeting Bybit

Bybit, a leading cryptocurrency exchange, has fallen victim to the largest crypto heist to date, with hackers stealing approximately $1.5 billion in digital assets. The attack targeted Bybit’s cold wallet, a typically secure offline storage system. Blockchain analytics firms, including Elliptic and Arkham Intelligence, traced the stolen funds as they were rapidly transferred and liquidated across multiple platforms.

Analysts have attributed the breach to North Korea’s Lazarus Group, a notorious state-sponsored hacking collective responsible for multiple crypto-related attacks in recent years. The group has been linked to major security breaches, including the Poly Network and Binance hacks, and is known for laundering stolen assets through sophisticated methods.

In response to the breach, Bybit CEO Ben Zhou assured users that other cold wallets remain secure and that withdrawals continue as normal. However, the hack triggered a surge in withdrawals from the platform. To maintain liquidity and reassure customers, Bybit secured a bridge loan from undisclosed partners to cover potential losses.

The incident underscores the ongoing risks faced by crypto exchanges and the increasing sophistication of cybercriminals. Industry experts stress that enhanced security measures and stricter oversight are essential to reducing the frequency and scale of such attacks in the future.