On February 21, 2025, Bybit, a cryptocurrency exchange based in Dubai, experienced a significant security breach resulting in the theft of approximately $1.5 billion worth of digital assets, primarily Ethereum.
๐บ๐๐ฒ๐๐ฎ๐ถ๐น๐ ๐ผ๐ณ ๐๐ต๐ฒ ๐๐ฟ๐ฒ๐ฎ๐ฐ๐ต:
๐ธ๐จ๐๐๐๐๐ ๐ด๐๐๐๐๐ : During a routine transfer from a cold wallet to a warm wallet, attackers manipulated the transaction interface, gaining control over Bybit's Ethereum cold wallet. This allowed them to transfer over 400,000 ETH and stETH tokens to unidentified addresses.
๐ธ๐ท๐๐๐๐๐๐๐๐๐๐๐: Blockchain analytics firms Arkham Intelligence and Elliptic have linked the attack to the Lazarus Group, a North Korean state-sponsored hacking collective known for previous cryptocurrency thefts.
๐บ๐๐๐ฏ๐ถ๐'๐ ๐ฅ๐ฒ๐๐ฝ๐ผ๐ป๐๐ฒ:
๐ธ๐ช๐๐๐๐๐๐๐ ๐จ๐๐๐๐๐๐๐๐: CEO Ben Zhou stated that despite the breach, all client assets remain fully backed and secure. The exchange processed over 350,000 withdrawal requests promptly after the incident.
๐ธ๐ฉ๐๐๐๐๐ ๐ถ๐๐๐๐: Bybit has announced a $140 million bounty for information leading to the recovery of the stolen funds or the identification of the perpetrators.
๐บ๐๐ป๐ฑ๐๐๐๐ฟ๐ ๐๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป๐:
This event marks one of the largest cryptocurrency exchange hacks to date, surpassing previous incidents in scale. It underscores the persistent security challenges within the crypto industry, which saw $2.2 billion stolen from various platforms in 2024 alone.
In the aftermath, Bybit experienced a "bank run," with over $4 billion in withdrawals as users reacted to the breach.
Security experts emphasize the need for enhanced protective measures and regular audits to prevent such large-scale exploits in the future.
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