Cyberattacks on cryptocurrency exchanges Bybit and Phemex became major events in the industry, as vast amounts were stolen.
Bybit Breach: $1.4 Billion Lost
On February 21, 2025, Bybit fell victim to a sophisticated cyber attack on their multisignature wallet. The hacker, manipulating the signing system, transferred 401,346 ETH, worth $1.13 billion at the time, to an unknown Ethereum address.
Phemex Hit: Linked to the Same Wallet
In January, Phemex also suffered unauthorized withdrawals totaling $69 million. The funds stolen from both exchanges were sent to Ethereum address 0x33d0…8F65. Analysts from Lookonchain recorded the movement of funds, presumably for liquidation purposes.
North Korea's Role: Eternal Suspicions
Blockchain detective ZachXBT believes that the attacks are executed by the Lazarus Group associated with North Korea, a claim supported by their previous cybercrimes, including the Ronin Bridge attack.
The investigation is ongoing, as Bybit and Phemex work on enhancing their security and keep users informed about the progress.
