The biggest ever cryptocurrency hack has seen hacking group steal an extraordinary $1.5bn from cryptocurrency exchange Bybit, the leading digital asset exchange. The breach was on Bybit’s offline cold wallet, an offline security safe designed to shield from cyber threats.
Blockchain analysis companies Elliptic and Arkham Intelligence quickly tracked the stolen funds – mostly in Ethereum – as they were passed through multiple wallets and dumped across various platforms. Pioneers later connected the assault to North Korea’s state-backed Lazarus Group, notorious for organizing billion-dollar crypto thefts to sponsor the regime.
Bybit’s CEO, Ben Zhou, Making statements on X, saying: “All withdrawals are NORMAL. Other cold wallets remain secure.” Although he claimed otherwise, panic withdrawals skyrocketed as people tried to secure their money. 
To prevent the collapse of operations, Bybit got an emergency funds lifeline from undislosed partners to cover potential losses. At the same time, the law enforcement and the crypto tracking company are closely following on the stolen money trying to get them to the owners.
Lazarus Group has a history of focusing on crypto companies dating back to 2017. Experts warn that as digital coins become more significant, attacks will become more serious.
It is going to be more difficult for criminals to cash out, the less often it is going to happen,” said Tom Robinson, Chief Scientist at Elliptic.
As the sector grapples with this unprecedented breach, experts urge for stringent regulatory measures and security checks to avoid further losses.
