On February 21, 2025, cryptocurrency exchange Bybit suffered a historic $1.46 billion Ethereum hack, marking the largest crypto theft ever recorded. Blockchain investigators, including ZachXBT and Arkham Intelligence, have attributed the breach to North Korea's Lazarus Group, a notorious state-sponsored hacking collective known for targeting financial systems worldwide.
The attack exploited a vulnerability in Safe’s multisignature wallet interface, used by Bybit for secure fund management. Hackers manipulated a routine Ethereum transfer, redirecting funds to an unidentified address. Bybit’s CEO, Ben Zhou, confirmed the exchange remains solvent, with client assets fully backed, and reassured users that other wallets are secure. The breach triggered over 350,000 withdrawal requests, but Bybit has processed 99.994% of them, restoring normal operations.
Lazarus Group, linked to North Korea’s Reconnaissance General Bureau, has a history of cybercrimes, including the 2016 Bangladesh Bank heist and 2017 WannaCry ransomware attack. The group reportedly uses stolen crypto to fund North Korea’s weapons programs, evading international sanctions. This incident underscores the persistent threat to crypto platforms and the need for robust security measures.
The crypto community responded swiftly, with users transferring 50,000 ETH (worth ~$120 million) to bolster Bybit’s reserves. Investigations continue, with authorities and blockchain analysts tracking the stolen funds to prevent further exploitation.
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