What was the nature of the hack that led to the theft of $1.5 billion from Bybit?

The hack involved deceiving wallet signers through a manipulated user interface and URL, leading them to unknowingly approve a malicious transaction that altered the smart contract logic of Bybit's Ethereum cold wallet.

Who is suspected to be behind the Bybit hack?

Researchers suspect that the hack was carried out by North Korea's Lazarus Group, a state-sponsored hacking collective known for previous high-profile cryptocurrency thefts.

How does Bybit plan to address the financial impact of the hack?

Bybit has secured a bridge loan to cover the losses and has assured customers that all other funds are safe and that the company remains solvent.

What are the broader implications of this hack for the cryptocurrency industry?

The hack highlights security vulnerabilities in the industry, particularly with offshore exchanges lacking strong regulatory oversight, and underscores the need for improved security protocols to prevent future large-scale thefts.

3 sources·Business

Bybit Suffers Major $1.5 Billion Hack, Linked to North Korean Hackers

Bybit cryptocurrency exchange was hacked, losing $1.5 billion in a sophisticated scheme, with North Korean hackers suspected to be involved.

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Stealing cryptocurrencies is a favorite tactic of hackers.
Bybit hacked for $1.5B in biggest crypto heist of all time — leading to surge in withdrawal requests
New York Post·1M
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Stealing cryptocurrencies is a favorite tactic of hackers.
Cryptocurrency exchange says it was victim of $1.5 billion hack
Associated Press·1M
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The hack far surpasses previous thefts in the sector, according to Elliptic.
Hackers steal $1.5 billion from exchange Bybit in biggest-ever crypto heist
CNBC·1M
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Center
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Feb 21st, 2025, 11:59 PM ET

Summary

A summary of the key points of this story verified across multiple sources.

Bybit, a major cryptocurrency exchange, reported a hack that resulted in the theft of $1.5 billion worth of digital assets. The attack compromised Bybit's cold wallet, predominantly affecting Ethereum. CEO Ben Zhou reassured customers that all other funds are safe and that the company can cover the losses even if the stolen crypto isn't recovered. The breach is linked to North Korea’s Lazarus Group, known for high-profile crypto thefts. The incident has triggered a wave of withdrawal requests, but Zhou stated that operations remain stable with additional financial measures in place.

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