Singapore, February 24, 2025 –Bybit suffers a historic $1.5B crypto heist, with North Korean hackers likely behind the attack. Users’ funds are safe, but the stolen ETH is gone.
In a record-breaking crypto heist, Bybit has lost over $1.5 billion in what is now the largest cryptocurrency exchange hack in history. The attack, targeting one of Bybit’s Ethereum cold wallets, was executed with surgical precision, exploiting smart contract vulnerabilities to drain over 400,000 ETH and stETH into an unknown address.
The heist, which dwarfs previous breaches like Ronin Network’s $624 million hack and Poly Network’s $611 million attack, is believed to be the work of North Korea’s notorious Lazarus Group, according to blockchain intelligence firms Elliptic and TRM Labs.
blockchain analyst Nathaniel Morales said:
This is a cybercriminal masterpiece. They manipulated the signing interface, making it appear legitimate while completely altering the transaction’s destination.
Bybit explained that the attack occurred during a routine Ethereum transfer, where hackers intercepted and modified the transaction’s execution logic. The attackers used a Gnosis Safe Protocol vulnerability to deceive multi-signature wallet signers, allowing them to gain complete control over the wallet and drain its contents.
A cybersecurity expert Mike Herrington warned:
Multisig wallets are no longer the gold standard of security. If signers can be deceived, no amount of cryptographic security matters.
Bybit assured users that their funds are safe and that the exchange is working with law enforcement and blockchain tracing firms to track the stolen assets. However, whether any of the $1.5 billion can be recovered remains uncertain.
With hackers draining $1.5B from Bybit, no one is safe. Protect your online activity and secure your crypto assets with ExpressVPN.
Other News At VPNRanks
Hey, wait!
Stay informed on the latest privacy updates, cybersecurity insights, and internet freedom news by following VPNRanks news daily! As your primary resource for critical updates in online security, we ensure you’re always in the know. Make VPNRanks your go-to guide for safeguarding your digital life.
