Recently, Bybit, a cryptocurrency exchange, was targeted in what has become the largest hack in the history of digital currency, resulting in a $1.4 billion loss. Of this staggering sum, the attackers have already laundered over $335 million in crypto, primarily through 135,000 Ether, with 45,900 Ether moved in just the past 24 hours. The remaining $900 million, equivalent to an estimated 363,900 Ether, is anticipated to be similarly moved within a few days, as per blockchain analyst EmberCN.
The notorious North Korean hacking group Lazarus Group is suspected to be behind the Bybit breach. Responding firmly, Bybit’s co-founder and CEO Ben Zhou has declared an aggressive campaign against this group. Bybit, showing resilience, had already replaced the entire stolen amount just three days post-attack, thus maintaining customer trust and allowing withdrawals to continue smoothly.
The hack marks a considerable setback for the crypto industry, making up more than half of the $2.3 billion swindled in digital currency heists over the year 2024. Despite this, the efficient crisis management by Bybit is seen as a positive step for restoring faith in centralized exchanges, given their swift action to mitigate the attack’s effects on the market and their users.
