74/68 Monday, February 24, 2025
The crypto exchange platform Bybit experienced the largest hack in history, with hackers stealing over $1.5 billion worth of cryptocurrency from the company’s cold wallets. The hackers used a technique to spoof the signing interface, redirecting transactions to untraceable addresses. This incident surpasses previous major hacks such as Ronin Network ($625 million) and Poly Network ($611 million).
Blockchain security firms Elliptic and Arkham Intelligence have indicated that this attack is linked to the hacker group Lazarus APT, which is associated with North Korea. However, Bybit has not yet confirmed this assumption. Following the attack, Bybit’s security team collaborated with blockchain experts to trace the flow of the stolen funds and confirmed that other wallets remain secure.
The Lazarus Group is a hacker collective that has been active since between 2007 and 2009 and is renowned for its high-profile cyber attacks. The group has been behind hacks on several banks and crypto platforms, including significant incidents such as the breaches of Sony Pictures and DarkSeoul. The Bybit heist further underscores Lazarus’s capability in executing sophisticated cybercrimes, which have had severe repercussions on the crypto and financial sectors worldwide.
