Cryptocurrency exchange Bybit faced a major hack worth $1.4 billion. Despite a significant overall asset decline, the exchange continues to keep reserves higher than liabilities.
Details of Bybit Hack
According to DefiLlama, the February 21 hack was the largest cryptocurrency theft in history, where attackers stole over $1.4 billion in various tokens including stETH and mETH.
Security Measures and Recovery
Despite the attack and asset decline, Bybit managed to process over 350,000 withdrawal requests within 10 hours, completing 99.9% of them. Co-founder and CEO Ben Zhou mentioned that all Bybit functions remain operational, with the team diligently addressing customer questions and concerns.
Analysis and Incident Implications
Blockchain security analysts, including ZachXBT and Arkham Intelligence, traced the attack to the North Korean state-affiliated Lazarus Group. The incident highlights that even centralized exchanges with strong security measures remain vulnerable to sophisticated cyberattacks.
The Bybit attack posed a serious challenge to the industry. Despite the tremendous losses, the exchange remains operational and stable.
