North Korean hackers have potentially executed the largest cryptocurrency heist in history, stealing $1.19 billion from the Bybit exchange.
If you invest in crypto, you may have been affected already.
At a Glance
- North Korean cybercriminals suspected in $1.19 billion crypto theft from Bybit exchange
- Hackers gained control of Bybit’s Ethereum wallet, transferring funds to an unidentified address
- Bybit CEO assures company solvency and that all client assets are backed 1:1
- Ethereum’s value dropped by about 4% following the hack
- North Korea has a history of major cryptocurrency thefts, stealing $800 million in 2024 alone
The Biggest Crypto Heist in History
North Korean cybercriminals are suspected of carrying out what may be the largest digital currency theft to date – and it could have affected you. The Dubai-based Bybit exchange fell victim to a massive hack, resulting in the loss of $1.19 billion worth of cryptocurrency from its Ethereum wallet.
The attack, which some experts are calling the “worst hack in history,” has raised serious concerns about the security of digital assets and the vulnerability of even the most established cryptocurrency exchanges. The stolen funds were transferred to an unidentified address, leaving investigators scrambling to trace the movement of the illicit gains.
Blockchain analytics firm Arkham Intelligence has pointed the finger at North Korea’s notorious Lazarus Group, claiming to have “definitive proof” of their involvement. However, official confirmation of the perpetrators is still pending as investigations continue. This incident is not isolated, as North Korea has a well-documented history of cryptocurrency thefts, having reportedly stolen $800 million in 2024 and a staggering $1.7 billion in 2022.
The repercussions of this massive heist were felt across the cryptocurrency market. Ethereum, the second-largest cryptocurrency by market capitalization, saw its value plummet by approximately 4% in the wake of the attack. This significant drop underscores the far-reaching consequences of such security breaches on the broader digital currency ecosystem.
Bybit’s Response and Assurances
In the face of this crisis, Bybit has moved to address concerns and maintain trust among its user base. CEO Ben Zhou issued a statement confirming the theft while reassuring customers about the exchange’s financial stability.
“Bybit remains solvent, and all client assets are backed 1 to 1,” Zhou stated, attempting to quell fears of a broader financial meltdown.
In a demonstration of its commitment to transparency and customer service, Bybit processed over 350,000 withdrawal requests in the immediate aftermath of the hack. The company is also collaborating with on-chain analytics providers to trace the stolen funds, although the prospects of recovery remain uncertain given the sophisticated nature of the attack.
This incident serves as a stark reminder of the persistent threats facing the cryptocurrency industry. With Bybit holding approximately $15 billion in assets and offering a wide range of cryptocurrencies, the scale of potential losses in such attacks is immense. Previous major cryptocurrency heists, such as the $32 million Bitcoin theft from Binance in 2019 and the $210 million theft from Mt Gox in 2014, pale in comparison to this latest breach.
As the cryptocurrency market continues to evolve and attract more mainstream attention, the need for enhanced security measures and regulatory oversight becomes increasingly apparent. The Bybit hack may serve as a catalyst for more stringent security protocols and international cooperation in combating cybercrime in the digital asset space.
North Korea is getting a little too big for its boots, don’t you think?
