Bybit Suffers Record $1.5 Billion Hack; Exchange Assures Users Funds Are Safe

On Friday, cryptocurrency exchange Bybit confirmed a security breach where approximately $1.5 billion in assets were stolen from one of its Ethereum cold wallets. CEO Ben Zhou assured users that all other wallets remain secure and withdrawals are functioning normally. Despite the significant loss, Bybit stated it remains solvent and has processed over 350,000 withdrawal requests, restoring normal withdrawal operations. Bitget has transferred 40,000 ETH, worth $105 million, to Bybit to support them. Security analysts suspect North Korean hackers, possibly the Lazarus Group, are responsible for the attack, which is considered the largest in crypto history, surpassing the $611 million Poly Network hack in 2021. Bybit is pursuing legal action and has secured 80% of the funds needed to cover losses. Bitget has blacklisted wallets tied to the hacker. Bybit CEO Ben Zhou said on Feb. 22 that the exchange has processed all withdrawals, and its system is "fully back to normal pace".