The contribution bybit: greatest crypto theft of all time-is North Korea behind it? Maria Gramsch first appeared on Basic Thinking. You always stay up to date with our newsletter.
In mid-February 2025, the BYBIT crypto tour has recorded one of the largest crypto thefts in history. The loss is around $ 1.5 billion. Experts suspect that hackers from North Korea are behind it.
This crypto theft will probably go into history: On February 21, 2025, hackers captured around $ 1.5 billion from the Bybit crypto exchange. These are assets in Ethereum. Bybit CEO Ben Zhou has the Incidentally confirmed on platform X. The hackers were targeting a single ether wallet. Other wallets of the crypto exchange are said not to have been affected.
Crypto theft at Bybit
The Bybit crypto tour was founded in 2018 and is based in Dubai. In the meantime, the trading platform manages the assets of a total of 60 million users. Bybit assets worth more than $ 36 billion are traded every day.
The billion dollar theft did not pass the cryptom market without a trace. The affected currency ether then recorded a minus of almost eight percent. The value of the Bitcoin fell by around five percent. Bybit’s customers also reacted immediately: after the theft, the platform recorded more than 350,000 withdrawal requests.
Around nine percent of the total assets of Bybit were taken off in the attack. However, customers’ deposits are certain, as CEO Ben Zhou assured. The company has meanwhile started bridging loans to secure the assets of customers. Bybit has also started legal steps. In this way, the stolen assets are to be recovered.
Is North Korea behind the attack?
How Bloomberg reportedSafety experts assume that the attack by the North Korean hacker group Lazarus can be assigned. The group is said to have illegally taken cryptocurrencies worth $ 630 million in 2022. The Lazarus Group is also related to the North Korean regime, which has been generated by cybercrime for years.
According to the blockchain investigator ZachxBt If the attack is directly related to the attack on the Phemex crypto tour in January 2025. First sales from the crypto theft in Bybit have already been observed. Accordingly, the hackers systematically transferred the stolen assets to new addresses and then sold them further.
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The contribution bybit: greatest crypto theft of all time-is North Korea behind it? Maria Gramsch first appeared on Basic Thinking. Follow us too Google News and Flipboard.
As a Tech Industry expert, I believe that the recent Bybit hack, which is being described as the greatest crypto theft of all time, is a concerning development in the cryptocurrency space. The fact that such a large amount of funds was stolen raises questions about the security measures in place at Bybit and other cryptocurrency exchanges.
The speculation that North Korea may be behind the hack adds another layer of complexity to the situation. North Korea has been known to engage in cyber attacks and cryptocurrency thefts in the past as a means of generating revenue for the regime. If it is indeed proven that North Korea is responsible for the Bybit hack, it would further highlight the need for increased cybersecurity measures in the cryptocurrency industry.
Overall, this incident serves as a reminder of the importance of strong security protocols and measures in place to protect user funds on cryptocurrency exchanges. It also underscores the need for continued vigilance and collaboration within the industry to prevent such large-scale thefts from occurring in the future.
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