Bybit, a major cryptocurrency exchange, has fallen victim to the largest cyberattack in history, with hackers seizing approximately $1.5 billion in digital assets. According to blockchain analytics firm Elliptic, this is the biggest recorded cryptocurrency theft to date, surpassing all previous incidents.
The hackers infiltrated Bybit’s offline storage system, stealing millions of dollars primarily in ether. While such systems are generally considered secure, cybercriminals managed to bypass security measures and extract the funds. Bybit CEO Ben Zhou reassured users via social media that all other storage systems remained secure and that withdrawals were functioning without issue.
Investigations by Elliptic and Arkham Intelligence revealed that the stolen funds were swiftly distributed across multiple accounts and liquidated through various platforms. Analysts noted that this attack significantly exceeds previous heists, including the $611 million stolen from Poly Network in 2021 and the $570 million stolen from Binance in 2022.
Elliptic’s research has linked the attack to North Korea’s state-backed Lazarus Group, a notorious hacking collective known for targeting cryptocurrency platforms since 2017. The group employs sophisticated laundering techniques to obscure fund transfers, primarily to finance North Korea’s regime.
Tom Robinson, Chief Scientist at Elliptic, stated that the stolen funds' addresses had been flagged in their software to prevent further cash-outs through other exchanges.
Following the news, Bybit users rushed to withdraw funds, fearing insolvency. To stabilize the situation, Ben Zhou announced that Bybit had secured additional financial support from undisclosed partners and obtained a credit line to cover potential losses.
Experts warn that large-scale cyber heists remain a fundamental risk in the cryptocurrency market. Tom Robinson emphasized that making it harder for criminals to benefit from such crimes would help reduce their frequency in the future.
