Dubai, February 23: Bybit, the world's second-largest cryptocurrency exchange, has reported history's most significant crypto heist. The crypto exchange said that the hackers stole around USD 1.5 billion, around INR 13,000 crore, in their attempt. Despite witnessing the world's largest cryptocurrency hack, the Dubai-based cryptocurrency exchange assured all its customers a full return. The company also said it took measures to identify the crypto thieves to prevent further attempts. 

According to reports, the Bybit crypto heist was linked to North Korea's Lazarus Group as a part of a state-sponsored hacking attempt. The attacker compromised the Bybit cold wallet, an offline storage system designed by the company to offer customers better protection. Still, the hackers gained access to the system and stole Ether. The alleged Lazarus Group quickly transferred the digital assets to multiple wallets and liquidated them through various platforms. China Develops World’s Most Powerful Surveillance Camera, Captures 1.7 mm Details From 100 km Away Using Quantum-Leap Imaging Technology.

Bybit said that the hackers stole 4,00,000 Ethereum valued at USD 1.5 billion, which, if translated into Indian rupees, were worth INR 13,000 crore. Bybit CEO Ben Zhou addressed all the customers and said, "Please rest assured that all other cold wallets are secure." He further added that all withdrawals were regular. The CEO further assured that the crypto exchange would fully reimburse all the impacted users. Deepseek R1 Security Concerns: China’s AI Reasoning Model Fails Multiple Tests, Achieves 9.8 Security Risk Score Out 10, Says Report.

Elliptic, a UK-based cryptocurrency analysis firm, said that its analysts were able to link the crypto attack to Lazarus Group from North Korea. The hackers' group is associated with exploiting security vulnerabilities in crypto firms and using various methods to hide the flow of funds. Elliptic Chief Scientist Tom Robinson said that the company identified the thief's addresses using its software. He added that it would help prevent the funds from getting cashed out at other exchanges. 

(The above story first appeared on LatestLY on Feb 23, 2025 04:07 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).