Altcoin Hub logo Altcoin Hub logo
2025-04-22 13:24:06

Bybit Reveals Details of Biggest $1.4 Billion Crypto Theft

Ben Zhou, CEO of the Bybit crypto exchange, confirmed that the hack on February 21, committed by the Lazarus hacker group (DPRK), was the largest one-time theft in the history of the crypto market.

500,000 ETH worth about $1.4 billion was withdrawn from the exchange, including:

27.59% of funds are recognized as lost

68.57% continue to be tracked on the blockchain

3.84% were frozen thanks to third-party platforms

Laundering scheme:

Transfer to mixers (incl. Wasabi, Tornado Cash, CryptoMixer, Railgun)

Then there is cross-chain and sending to OTC and P2P platforms

After the incident, the exchange stated that it would cover the losses. However, later the team announced optimization: a number of Web3 services and an NFT marketplace would be closed.

The Lazarus Group continues to be one of the most active and dangerous hacker groups specializing in attacks on crypto exchanges and DeFi infrastructure.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.