#$1.5billionbybithack
The $1.5 billion Bybit hack refers to a significant cybersecurity breach that occurred on February 21, 2025, when the cryptocurrency exchange Bybit suffered the largest crypto theft to date. Approximately 400,000 ETH, valued at around $1.5 billion, was stolen during a compromised transfer from a cold wallet to a hot wallet. The attack exploited vulnerabilities in Bybit's wallet infrastructure, particularly involving Safe{Wallet}, a third-party provider.
The U.S. Federal Bureau of Investigation (FBI) attributed this attack to North Korea's Lazarus Group, a state-sponsored hacking collective known for targeting financial institutions and cryptocurrency platforms. The group employed sophisticated tactics, including altering smart contract logic and using blind signature techniques to bypass security protocols.
In response, Bybit's CEO, Ben Zhou, initiated emergency measures to stabilize the platform. The exchange secured 447,000 ETH in emergency funding from firms like Galaxy Digital and Wintermute, replenishing reserves within 72 hours. Additionally, Bybit launched a bounty program to recover stolen assets and collaborated with blockchain analytics firms to trace and freeze illicit funds.
This incident has raised significant concerns about the security of cryptocurrency exchanges and highlighted the need for enhanced cybersecurity measures in the industry.