Bybit, one of the world's leading cryptocurrency exchanges, experienced a significant security breach on February 21, 2025, resulting in the theft of approximately $1.4 billion worth of Ethereum. The attackers managed to access Bybit's cold wallet, which is typically considered more secure due to its offline status. In response, CEO Ben Zhou assured users that the exchange remains solvent and that customer assets are fully backed, with trading operations continuing as usual. Blockchain security researcher ZachXBT has linked the hack to the notorious Lazarus Group, a North Korean state-sponsored hacking organization. This incident underscores the ongoing security challenges within the cryptocurrency industry, which has seen a significant rise in stolen funds, with $2.2 billion being taken in 2024 alone. Continue here.
