Bybit's struggle with a cyber attack in February grabbed global attention. Hackers linked to North Korea's Lazarus Group stole a staggering $1.4 billion, marking this incident as the largest cryptocurrency theft in history.
The Bybit Hack Story
The February 21 hack on Bybit became the largest cryptocurrency theft ever, with $1.46 billion stolen, primarily in Ethereum. The hackers, linked to North Korea's Lazarus Group, divided the stolen assets among numerous wallets, making tracking difficult and leaving users outraged.
User and Bybit Reactions
Following the breach, users rushed to withdraw their funds from the platform. Arkham Intelligence reports that a total of 23,000 BTC were withdrawn, significantly reducing the exchange's reserves. Despite this, Bybit CEO Ben Zhou reassured customers of the platform's liquidity and security, processing over 350,000 withdrawal requests.
eXch’s Role in Money Laundering
Exchange eXch was accused of helping launder tens of millions of stolen funds. However, eXch representatives dismissed the allegations, stating their dedication to protecting user privacy. Meanwhile, law enforcement continues to monitor the flow of funds.
Ongoing investigations into the Bybit hack persist. While authorities strive to recover the stolen funds, their ability to prevent such attacks in the future remains uncertain.
