$1.5 Billion Bybit Hack Shatters Crypto Security Record

Bybit, one of the world's largest crypto exchanges, suffered a theft of $1.5 billion in crypto – the biggest hack in crypto history. In early February, hackers (later identified by the FBI as North Korea's Lazarus Group) exploited a vulnerability during a wallet transfer, siphoning >$1.5B in Ethereum from Bybit's cold wallets.

The hackers rapidly laundered funds through thousands of addresses and converting some to Bitcoin. Bybit's CEO acknowledged the breach and offered a $140M bounty to aid recovery efforts. The FBI confirmed North Korean state-sponsored actors were responsible, marking yet another major crypto heist tied to Lazarus. The incident has put exchanges on high alert regarding security of large asset reserves.

Source: AP News – FBI accuses North Korean hackers of $1.5B Bybit crypto theft