Dubai-based crypto exchange Bybit has successfully closed a $1.5 billion gap after suffering the largest crypto heist in history. On February 21, hackers gained control of Bybit’s Ethereum wallet, stealing funds during a routine transfer. In response, Bybit immediately secured its systems and collaborated with cybersecurity experts to recover the stolen assets.
Crypto platforms and brokerages froze over $42.89 million in suspicious transactions, while Bybit leveraged loans, whale deposits, and currency purchases to restore its funds within just 72 hours. The attack has raised concerns about crypto security, with North Korea’s Lazarus Group suspected of involvement. Despite the breach, Bybit sees this as a lesson in resilience and a step toward stronger industry-wide protections.
