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June 23, 2025

Crypto Exchange Bybit Loses $1.5 Billion In Largest Ever Hack

Image of woman at desk with a take-out coffee cup in front of her

%Cryptocurrency exchange %Bybit has had $1.46 billion U.S. stolen in what’s being called the largest hack ever of a crypto firm.

Arkham Intelligence, a blockchain analytics company, has identified North Korea’s Lazarus Group as the likely culprits in the massive Bybit hack.

Another crypto firm, %ZachXBT, has said on social media that it has “definitive proof” that the attackers were the Lazarus Group, North Korea’s most infamous hacker organization.

News of the hack has rocked the cryptocurrency market and entire sector, with several media outlets referring to it as the “largest crypto theft of all time.”

The next biggest crypto theft was the $611 million U.S. stolen from the Poly Network back in 2021, according to reports.

Blockchain data provider Nansen has said that the hackers first withdrew nearly $1.50 billion U.S. worth of %Ethereum (CRYPTO: $ETH) from the Bybit exchange and placed into a main wallet before spreading the cryptocurrency across more than 40 other digital wallets.

The attack appears to have involved what’s known as “blind signing,” which is when a smart contract transaction is fraudulently approved using fake signatures.

Blind signing is becoming a favourite new form of cyberattack used by threat actors such as the Lazarus Group.

For its part, Bybit said on social media that a hacker “took control of the specific ETH cold wallet and transferred all the ETH in the cold wallet to this unidentified address.”

Bybit stressed that its crypto exchange remains “solvent even if this hack loss is not recovered.”

The price of Ethereum is down 5% on news of the hack and currently trading at $2,674 U.S. per digital token.

Article link: http://www.yolowire.com/latestarticles/15168/crypto-exchange-bybit-loses-15-billion-in-largest-ever-hack