Story perspectives

Bybit Hacked: $1.5 Billion Stolen, North Korea Suspected

2/23/2025

38 5

Summary

Story summary

Bybit, a Dubai-based cryptocurrency exchange, suffered a hack, losing approximately $1.5 billion in Ethereum.
CEO Ben Zhou confirmed all assets are backed 1:1, with the company holding over $20 billion in assets.
The breach exploited security during a routine transfer from a cold wallet to a warm wallet.
Bybit is offering a 10% reward for recovering stolen funds and has received over 580,000 withdrawal requests.
Experts suspect the attack may involve North Korea's Lazarus Group, known for prior crypto thefts.

1 of 1

Story summary

Bybit, a Dubai-based cryptocurrency exchange, suffered a hack, losing approximately $1.5 billion in Ethereum.
CEO Ben Zhou confirmed all assets are backed 1:1, with the company holding over $20 billion in assets.
The breach exploited security during a routine transfer from a cold wallet to a warm wallet.
Bybit is offering a 10% reward for recovering stolen funds and has received over 580,000 withdrawal requests.
Experts suspect the attack may involve North Korea's Lazarus Group, known for prior crypto thefts.