Bybit Cryptocurrency Heist: Record $1.4 Billion Stolen
In a shocking turn of events, the cryptocurrency world has been rocked by what is now considered the largest heist in history, with hackers siphoning off approximately $1.4 billion in Ethereum from the Bybit exchange. This audacious breach has sent ripples through the crypto community, prompting Bybit to respond with an unprecedented offer of $140 million in bounties to incentivize anyone who can help trace and recover the stolen funds. As security experts scramble to uncover the truth behind this monumental theft, the investigation reveals a complex web of cybercrime linked to the notorious Lazarus Group, highlighting the evolving challenges faced by digital asset platforms in an increasingly perilous landscape.
| Category | Details |
|---|---|
| Event | The largest crypto heist in history, with $1.4 billion stolen. |
| Company Involved | Bybit cryptocurrency exchange |
| Bounty Offered | $140 million to trace and freeze stolen funds. |
| Bounty Distribution | 5% to the tracer and 5% to the entity freezing the funds for each successful trace. |
| Bounties Issued | $4.23 million already issued to five bounty hunters. |
| CEO Statement | Ben Zhou emphasized their commitment to eliminating malicious actors like Lazarus Group. |
| Suspected Hackers | Affiliated with North Korean government, known for targeting crypto exchanges. |
| Previous Theft | North Korean hackers reportedly stole $650 million in cryptocurrency in 2024. |
| Investigation Firms | Sygnia Labs and Verichains conducted the forensic investigation. |
| Root Cause | Malicious code from SafeWallet led to the attack on Bybit’s Ethereum wallet. |
| Compromised Device | Hackers compromised a developer’s device at SafeWallet. |
The Epic Heist: What Happened at Bybit?
Last week, a shocking event took place in the world of cryptocurrency. Hackers stole around $1.4 billion worth of Ethereum from Bybit, a major crypto exchange. This theft is considered one of the largest in history, leaving many people wondering how it happened. The incident has raised concerns about security in the crypto space and highlighted the need for better protection against cyber threats.
In response to this unprecedented heist, Bybit has taken action by offering a total of $140 million in bounties. They are encouraging anyone who can help trace and freeze the stolen funds to come forward. This bold move aims to recover some of the lost money and demonstrate Bybit’s commitment to fighting back against cybercriminals. With the help of bounty hunters, Bybit has already issued more than $4 million in rewards.
Frequently Asked Questions
What happened with Bybit recently?
Bybit, a crypto exchange, experienced a massive theft of $1.4 billion in Ethereum, marking the largest crypto heist in history.
How is Bybit responding to the theft?
Bybit is offering $140 million in bounties for help in tracing and freezing the stolen Ethereum funds.
What is the bounty system Bybit has introduced?
For each part of the stolen funds traced and frozen, a person receives 5%, and another 5% goes to the entity that freezes the funds.
Who are the suspected hackers behind the Bybit heist?
The hackers are believed to be affiliated with North Korea, specifically a group known as Lazarus, which targets crypto exchanges.
What did the forensic investigation reveal?
Investigations found that the theft stemmed from malicious code in SafeWallet, affecting Bybit’s Ethereum Multisig Cold Wallet.
How much bounty has Bybit paid so far?
As of now, Bybit has issued about $4.23 million in bounties to five successful bounty hunters.
What are future plans to combat crypto theft?
Bybit aims to collaborate with other victims of hackers like Lazarus to enhance security and recover stolen funds.
Summary
Last week, a major cyberattack resulted in hackers stealing around $1.4 billion in Ethereum from the Bybit exchange, marking the largest crypto heist ever. In response, Bybit’s CEO, Ben Zhou, announced a total of $140 million in bounties for those who can help trace and recover the stolen funds. So far, bounty hunters have earned $4.23 million. Investigations suggest the North Korean-affiliated Lazarus Group may be behind the theft, targeting crypto platforms. Initial findings point to a malicious code linked to SafeWallet, indicating a serious security breach.