🛑 BREAKING BYBIT THEFT
BYBIT exists as the prominent cryptocurrency exchange However, the exchange experienced a significant security breach on February 21, 2025 that resulted in the loss of approximately $1.5 billion worth of ether (ETH).
The security breach constitutes as the largest cryptocurrency heist, thus the dire need to address such matters. Moreover, the exchange is currently collaborating with industry experts to trace the stollen assets. The experts have launched a recovery bounty program, offering up to 10% of the recovered amount to individuals who assist in retrieving the stolen crypto.
The post aims to look at how the exploit occurred by focusing on the attackers’ tactics, techniques, and procedures (TTPs) and their consistency with the Democratic People’s Republic of Korea (DPRK); and how experts collaborating with Bybit and law enforcement to help recover funds.
The security breach highlights a common playbook used by the DPRK: orchestrating social engineering attacks and employing intricate laundering methods in an attempt to move stolen funds undetected. Similarly, the incident shows the need for investors to collaborate across the crypto ecosystem is paramount in combating these threats.
