In February 2025, the largest cryptocurrency theft in history occurred when hackers stole approximately $1.5 billion worth of digital assets (around 36 billion CZK) from the cryptocurrency exchange Bybit.
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The Course of the Attack
The attackers gained access to Bybit’s cold wallet, which is used for securely storing cryptocurrencies offline and is supposed to be resistant to hacking attempts. During a routine transfer of funds to a hot wallet, the transaction was manipulated, leading to the theft of more than 400,000 Ethereum (ETH) and stETH tokens.
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Suspicions of the Lazarus Group from North Korea
Analytical firms, including Elliptic, have linked this attack to the North Korean hacking group Lazarus, which has been notorious for targeting cryptocurrency platforms since 2017. The Lazarus Group has previously attacked several South Korean exchanges, stealing Bitcoin worth $200 million, allegedly used to finance the North Korean regime.
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Bybit’s Response
Bybit’s CEO, Ben Zhou, confirmed the attack and assured users that other cold wallets remain secure and that withdrawals are operating normally. Despite an increased volume of withdrawal requests, the exchange emphasized that its reserves are sufficient to cover users’ deposits and that it can manage the situation.
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Impact on the Cryptocurrency Market
This theft has raised concerns about the security of cryptocurrency exchanges and highlighted the need for better security measures. Similar incidents in the past have led to significant financial losses and prolonged market downturns. For instance, in 2014, 850,000 bitcoins were stolen from the Mt. Gox exchange, which had a long-lasting impact on trust in cryptocurrencies.
