Bybit Hack: Record-Shaking Cryptocurrency Theft of $1.5 Billion - Cryptolandoff

Bybit Hack: Record-Shaking Cryptocurrency Theft of $1.5 Billion

Bybit, a cryptocurrency exchange based in Dubai, suffered a $1.5 billion loss due to a breach.

A normal transfer from an offline cold wallet to an online warm wallet was the point of compromise.

By taking advantage of security flaws, hackers moved 401,000 Ethereum to an unidentified address.

Ben Zhou, CEO of Bybit, reassured users that the company is still viable and that all client funds are backed 1:1.

This extraordinary crypto robbery is considered to be the work of the infamous North Korean Lazarus Group.