Bybit Reports $1.5B Hack, Largest Theft in Crypto History

Bybit, a major cryptocurrency exchange, has suffered a devastating hack resulting in the theft of approximately $1.5 billion worth of Ethereum, marking it as one of the largest cryptocurrency thefts in history. The attack was executed by manipulating a scheduled transfer from a compromised cold wallet, which allowed the hacker, linked to North Korea's Lazarus Group, to gain access and transfer the funds to an unknown address. In response, Bybit has reported the incident to authorities and is working with blockchain forensics experts to track the stolen assets, while CEO Ben Zhou assured users that the exchange remains operational and solvent. Despite Bybit's attempts to maintain confidence, the incident has triggered panic among users, leading to a surge in withdrawal requests, which the exchange is processing amid assurances that customer funds are secured. Industry figures, including Binance's founder, have offered support to Bybit during this crisis. The hack has prompted discussions about the ongoing security challenges within the cryptocurrency sector.