On February 21, 2025, Bybit, a Dubai-based crypto exchange, reported the theft of approximately $1.5 billion in Ethereum, making it the largest crypto hack ever. The hack involved a social engineering tactic that misled an employee into transferring funds to a hacker-controlled wallet. Authorities suspect the Lazarus Group, a North Korean state-sponsored group known for stealing cryptocurrencies to fund weapons programs, is behind the attack. Bybit has assured that their other wallets remain secure and has engaged blockchain forensic experts to investigate the situation.
On Friday, February 21, 2025, nearly $1.5 billion worth of Ethereum was stolen from Bybit, marking the biggest crypto hack of all time.
The Bybit hack surpassed the previous record held by the Poly Network, reflecting a significant escalation in the threats facing cryptocurrency exchanges.
The Lazarus Group, a North Korean state-sponsored hacking group, is suspected to be behind the hack, continuing their trend of targeting cryptocurrency for funding.
Bybit's response included calling for assistance from blockchain forensic experts, illustrating the growing need for cooperation in addressing such major cybercrime incidents.
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