Bybit Hack - Over 11K Wallets Linked to North Korean Hackers

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The recent $1.4 billion hack of crypto exchange Bybit has been linked to North Korean hackers, specifically the Lazarus Group, by investigators.

On February 21, 2025, Bybit suffered a significant security breach, resulting in the theft of approximately $1.4 billion in Ethereum (ETH) assets. This marks one of the largest crypto hacks in history.

Blockchain investigator ZachXBT has linked the attack to the Lazarus Group, a North Korean state-sponsored hacking collective known for previous high-profile crypto hacks. The hack shares similarities with the Phemex exchange hack in January 2025.

Over 11,000 crypto wallets have been identified as being linked to North Korean hackers involved in the Bybit hack. These wallets are used to launder stolen funds.

The exchange is working with blockchain analytics firms like Elliptic to track and recover the stolen assets. Bybit has also introduced a blacklist wallet API to help prevent further laundering.

The hack highlights vulnerabilities in multi-signature cold storage solutions and emphasizes the need for enhanced security measures in the crypto industry.

Experts suggest using more secure wallet solutions and off-chain settlement methods to prevent similar attacks.

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