Bybit Exchange Suffers $1.5B Ethereum Hack

Bybit has fallen victim to the largest crypto theft in history, losing approximately $1.5 billion in Ethereum and stETH from a single cold wallet. The breach occurred on February 21, 2025, and was the result of an exploit targeting Bybit’s multisignature wallet infrastructure. The attacker manipulated the transaction interface to authorize massive fraudulent transfers, rapidly laundering the stolen funds through decentralized platforms.

According to the U.S. FBI, the operation has been linked to North Korea’s Lazarus Group, marking a serious escalation in state-sponsored cyber threats targeting crypto platforms.

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Key Insights:

• $1.5 Billion Loss – Bybit’s cold wallet was drained of ETH and stETH in a coordinated exploit.

• Multisig System Breach – The attacker bypassed Bybit’s multisignature protections to execute unauthorized transfers.

• Funds Laundered Through DeFi – Stolen ETH was rapidly cycled through decentralized exchanges to avoid recovery.

• FBI Involvement – U.S. authorities have confirmed Lazarus Group’s involvement, continuing a pattern of nation-state cyberattacks.

• Largest Hack in Crypto History – This incident surpasses previous major breaches in value stolen and scope of impact.

Read More: https://freecoins24.io/bybit-exchange-hack/