$1.5 Billion Crypto Heist: North Korean Hackers Stun the Industry

Korean Hackers Steal $1.5 Billion From Cryptocurrency Exchange

In what is being described as the largest cryptocurrency theft in history, the Dubai-based cryptocurrency exchange Bybit has reported a loss of $1.5 billion worth of Ethereum. According to Forbes, the attack was attributed to the North Korean hacking group Lazarus, which has a long history of cybercrimes, including the infamous Sony Pictures hack in 2014 and the WannaCry ransomware attack in 2017. Bybit's CEO, Ben Zhou, explained that the hackers exploited a "masked" user interface and URL to deceive wallet signers, allowing them to alter the smart contract logic and gain control of the exchange's Ethereum cold wallet. The stolen funds were transferred to 53 wallets and are being monitored by blockchain auditing teams. Some of the stolen Ethereum has reportedly been moved to cryptocurrency mixers like eXch to obscure the trail. In 2024 alone, there were 303 successful cryptocurrency platform hacks, resulting in losses of $2.2 billion, highlighting the urgent need for improved security measures in the industry.

Source: Forbes (https://www.forbes.com/sites/steveweisman/2025/02/22/korean-hackers-steal-15-billion-from-cryptocurrency-exchange/)

Bybit Hack Drains $1.4 Billion: Industry Faces Security Challenges

MarketWatch reports that Bybit, one of the largest cryptocurrency exchanges, suffered a $1.4 billion hack, marking another significant blow to the crypto industry. The attack targeted an Ethereum cold wallet, with the stolen funds being transferred to an unidentified address. Bybit's CEO, Ben Zhou, confirmed the breach and stated that the exchange is working with blockchain analysis firms and authorities to recover the stolen assets. The incident has raised concerns about the security of cryptocurrency platforms and their ability to protect user funds. The hack also led to a decline in the prices of major cryptocurrencies like Ether and Bitcoin, further unsettling the market.

Source: MarketWatch (https://www.marketwatch.com/story/crypto-exchange-bybit-suffers-1-4-billion-hack-heres-why-its-troubling-for-the-industry-144098dd)

Bybit Faces $4 Billion 'Bank Run' After Massive Hack

Yahoo Finance reports that Bybit experienced a "bank run" of over $4 billion in withdrawals following the $1.5 billion hack. The exchange's CEO, Ben Zhou, revealed that 70% of the stolen funds were in Ethereum, prompting Bybit to secure a loan to process withdrawal requests. The crisis deepened when Safe, a decentralized custody protocol used by Bybit, temporarily shut down its smart wallet functionalities to ensure security. Zhou stated that the exchange managed to move $3 billion in stablecoin reserves to cover the withdrawal surge but faced significant challenges in maintaining user confidence. The hack has sparked discussions about the possibility of rolling back the Ethereum blockchain to recover the stolen funds, though such a move would require community consensus and could lead to a contentious hard fork.

Source: Yahoo Finance (https://finance.yahoo.com/news/bybit-sees-over-4-billion-195609586.html)

Hackers Drain $1.4 Billion From Bybit Exchange

According to The Record from Recorded Future News, Bybit confirmed that $1.4 billion worth of Ethereum was stolen in a sophisticated attack. The hackers manipulated the signing interface during a transaction, altering the underlying smart contract logic. Bybit CEO Ben Zhou assured customers that the exchange has sufficient liquidity to honor withdrawals and is working with Safe, the wallet provider, to investigate the breach. The stolen funds were split into multiple addresses, and Bybit has already secured bridge loans to cover 80% of the losses. This incident adds to the growing list of high-profile cryptocurrency heists, with North Korea's Lazarus Group suspected of being behind the attack.

Source: The Record from Recorded Future News (https://therecord.media/hackers-drained-bybit-crypto-exchange-hack)

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