In this news:
CANADA - 2025/02/13: In this photo illustration, the Bybit logo is seen displayed on a smartphone ... More screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
On February 21, 2025, the cryptocurrency community witnessed the largest attack so far. The Bybit exchange became the victim of the largest cryptocurrency heist in history, with approximately $1.5 billion in Ethereum tokens stolen in a matter of hours.
This incident surpassed all previous breaches, including the $540 million Ronin Network hack in 2022, the $600 million Poly Network exploit in 2021, and even the infamous Mt. Gox collapse in 2014. As the dust settles, the Bybit hack not only marks a turning point in crypto security but also offers important lessons for exchanges, developers, and users across the ecosystem.
The Attack: North Korean Precision
Within days of the attack, ZachXBT submitted proof linking the attack to a North Korean cybercriminal organization - the Lazarus Group. His analysis included test transactions, connected wallets, forensic graphs, and timing details. According to ZachXBT, the cluster of addresses is also linked to the Phemex and BingX hack.
This was not just another cybercrime or a simple ability to exploit a faulty code. It was a meticulously planned operation that showed the evolving sophistication of state-sponsored cyber warfare.
Bybit relied on a third-party service to facilitate the transfer of tokens from a cold wallet—used for offline storage —to a warm (online) wallet, using a multi-signature approval process. However, attackers compromised a machine linked to the third-party provider and injected malicious JavaScript into the transaction signing workflow and manipulating the process undetected.
.png)
