Bybit, a popular crypto exchange, rolls from Massive hack worth $ 1.5 billion in digital assets. According to reports, hackers Crypto Exchange’s cold wallet, an offline storage system, to steal the exchange assets, mainly ether. Data on the chain reveals that the stolen funds were quickly transferred to different wallets and liquidated on several platforms.
Ben Zhou, Bybits CEO, quickly addressed the hack and told users that the site’s other cold wallets are safe and withdrawals are processed “normally”.
When the company struggles with an increase in withdrawal requests, it received over $ 88,000 (worth about $ 239 million) from popular exchanges such as Binance and the bit. The recent crypto transfers from these two popular exchanges strengthened Bybit’s liquidity, which allows it to serve customers’ recall requests.
Bybit discovered unauthorized activity involving one of our ETH calling wallets. The incident happened when our ETH Multisig Cold wallet carried out a transfer to our hot wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing …
– Bybit (@bybit_official) February 21, 2025
Authorities Links Break to North Korean Hacking Group
Friday hacking the cold wallet considered the largest crypto hacking on the disc. Arkham Intelligence and Elliptic said that the stolen digital assets were quickly transferred to various accounts and liquidated within minutes. Elliptic reports that hacking is by far the largest in the industry and easily surpassed the stolen $ 570 million from Binance 2022 and the $ 611 million that crypto assets were dropped from Poly Network 2021.
Bybit CEO says the platform is experiencing “massive withdrawals.” https://t.co/xi5vhqmqwi
– Fortune (@forthemagazine) February 21, 2025
Elliptic speculated that the Lazarus group, a state-supported hacking team in North Korea, committed the hack. The Lazarus group is known for its crypto hacking activities and steals billions of dollars from different places.
Bybit gets help from binance and the bit
When Bybit struggled to serve the increase in withdrawals, it received help from other popular exchanges to cover the requests. Arkham said the exchange received more than 88,000 ether or about $ 239 million from Binance and Bitget addresses.
The fund infusion can increase the current liquidity of the exchange as it deals with the enormous request for withdrawals. Bybit confirmed that its users moved funds from the exchange after the hack was published.
Arkham said that the bit transferred 40,000 ether, or $ 106 million, to a village Cold Wallet on February 21 at 19:44 (UTC). Lookonchain claimed that the bit transferred its funds to the exchange to increase its liquidity and serve as a trust.
After 10 minutes, a binance hot wallet transferred 11,800 ether or $ 31 million to the same village bit cold wallet. In total, Binance has transferred $ 47,800 or $ 127.48 million.
CEO explains Crypto Exchange remains solvent
Bybit’s CEO, Ben Zhou, has assured its users and customers that the exchange is solvent. In a Twitter/X post, the CEO explained that customers’ funds are supported 1: 1 and that the company can serve the losses even if it fails to recover them.
Image from Adobe Stock, Chart from TradingView
