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Bybit Exchange Hit by Massive $1.5B Hack

The massive attack is likely crypto's largest dollar-denominated hack ever.

Feb 21, 2025 • 1 min read

Bybit suffered a historic $1.5 billion hack, marking the largest crypto theft ever recorded. Hackers exploited a vulnerability in Bybit's ETH cold wallet, leading to the massive drain of assets. Despite the staggering loss, Bybit's CEO assured stakeholders of the exchange's solvency and commitment to making customers whole. Arkham has identified North Korea's Lazarus Group as the likely perpetrator of the attack.

What’s the Scoop?

Record-Breaking Theft: The $1.5 billion theft from Bybit is being hailed as the largest in crypto history, surpassing previous records.
Exchange Assurance: Bybit has reassured users of its solvency, promising to back client assets and cover any losses stemming from the hack.
Security Concerns: The breach highlights vulnerabilities in centralized exchange security, sparking discussions about the importance of robust transaction approval processes.

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