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In a shocking blow to the cryptocurrency industry, Bybit, one of the world’s leading crypto exchanges, has suffered a devastating security breach resulting in the theft of approximately $1.5 billion in digital assets. The attack, which took place on February 21, 2025, is now considered one of the largest crypto heists in history.
How hack occurred
The breach targeted one of Bybit’s cold wallets—offline storage typically considered safer than online “hot” wallets. Hackers exploited vulnerabilities during a routine transfer process, redirecting the funds to multiple unidentified addresses. While cold wallets are designed to enhance security, the attack highlights evolving cyber threats and weaknesses even in high-security systems.

Bybit’s Response
Following the breach, Bybit’s CEO, Ben Zhou, assured customers that the platform remains solvent and is working to address the situation. He acknowledged that withdrawal requests may experience temporary delays as the company investigates and enhances its security measures. Zhou also confirmed that Bybit has reported the incident to law enforcement agencies and is collaborating with blockchain security firms to track the stolen funds.

North Korea’s Alleged Involvement
Blockchain security experts have attributed the attack to the North Korean state-sponsored Lazarus Group. This assessment is based on substantial overlaps between the addresses used in the Bybit hack and those linked to previous cybercrimes orchestrated by the Lazarus Group. Known for targeting financial institutions and cryptocurrency platforms, the group is believed to fund North Korea’s illicit programs through these cyber thefts.

Impact on the Crypto Industry
The attack has sent shockwaves through the cryptocurrency market, causing slight declines in major digital currencies. The incident underscores the persistent security challenges within the crypto industry, with reports showing that hackers stole approximately $2.2 billion in digital assets in 2024 alone. As crypto exchanges continue to be prime targets for cybercriminals, experts warn of the need for more robust security measures and regulatory oversight.

Next Steps and Recovery Efforts
Bybit has announced that it is exploring ways to compensate affected users, including seeking financial assistance from its partners. The company is actively working with law enforcement agencies and blockchain investigators to track and recover the stolen assets.
This latest breach serves as a stark reminder of the ever-present risks in the digital asset industry and the growing sophistication of cybercriminals. As exchanges ramp up security measures, the battle against crypto-related cybercrime continues to escalate.
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#BybitSecurityBreach #support #bybit

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According to Foresight News, HSBC's Australia branch has informed its customers that it has started blocking payments to cryptocurrency exchanges as of July 24. The bank cited fraud prevention as the reason for this action.
HSBC stated, 'From July 24, 2024, HSBC will block bank account and credit card payments to cryptocurrency exchanges to protect your security.'
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Each wave of market adjustment involves two dimensions, time and space. Either the space is in place or the time is in place. In 2023, each wave of large-scale adjustments of Bitcoin ranged from 20% to 25%:
- Silicon Valley Bank's collapse in March 2023 (from 25,000 to 19,000)
- Mid-April to mid-June 2023 (from 31,000 to 24,000)
- Early July to August 2023 (from 31,000 to 24,000, and bottomed out again in September)
- Mid-January 2024 (from 49,000 to 38,000)
- Two waves of adjustments from April this year to date (from 73,000 to 56,000, and from 71,000 to 53,000)
This is a law of amplitude, and there is also a law of time. Since the bear market in 2022, each wave of major adjustments has not lasted more than two months, and large adjustments (double tops) have not lasted more than four months. When the time is right, there will either be a big rebound or a real reversal. You can look at the candlestick chart to verify this.
It was previously discussed that the adjustment since 73,000 in mid-March is similar to the situation in the second and third quarters of 2023. In mid-June, it was believed that the limit of Bitcoin would reach the low of 56,000 in early May. In early July, it actually fell below 56,000. Although the magnitude was not accurately judged (the actual decline was 27%), the judgment on time was relatively accurate. Sometimes, the time dimension is also a very important rule.
For the subsequent trend, it cannot be completely regarded as a reversal, although the market sentiment is good: driven by interest rate cuts and expectations of Trump's victory. However, there may be a short-term ebb after the high sentiment. After the expectation of interest rate cuts is fulfilled, will there be a situation of "sell the news"? I think it is possible. It was also mentioned before that this year is more like 1995 and 2019. The economic situation improved and the Federal Reserve decided to cut interest rates, but at that time, the market also had a small-level adjustment after the first interest rate cut, and then rose again. Moreover, if we refer to the second and third quarters of last year, after hitting the bottom in August, there was a second bottom in September.
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