2025-05-06
Elastic
Bit ByBit - emulation of the DPRK's largest cryptocurrency heist
#Bybit
#SafeWallet
#TraderTraitor
Bybit
#Bybit
- Reported: 2025-02
- Locations: United Arab Emirates
- Motivations: #FinancialGain
- Sectors: #Cryptocurrency
Summary
On February 21, 2025, ByBit suffered the largest crypto hack in history, losing $1.43 billion. Attackers used a sophisticated front-end spoofing attack to deceive multisig signers into approving malicious transactions. The theft involved over 401,000 ETH and other assets, with funds quickly dispersed across multiple addresses. Security analysts linked the attack to North Korea’s Lazarus Group. Despite the massive loss, ByBit assured users that their funds were safe and that the exchange remained solvent.