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🌙 ByBit Suffers Largest Crypto Hack Ever with $1.5 Billion Stolen

The hack is the largest exploit in crypto to date, 140% bigger than the second-largest $625 million exploit of the Ronin bridge.

Author

Mike Gavela
February 21, 2025

Crypto Roundup - February 21

The cryptocurrency space has been rocked by a significant security breach at Bybit, where hackers, identified as North Korea's Lazarus Group, have stolen approximately $1.5 billion. This incident has been marked as the largest crypto heist to date. Bybit's CEO confirmed the hack but reassured that the platform could cover the loss and that all other wallets and operations remain secure. In response to the breach, there has been notable market volatility, with Ether's value experiencing a decline.

Top Stories

  • Bybit Suffers a Massive Hack: The crypto exchange Bybit was hacked, losing about $1.5 billion to North Korea's Lazarus Group, making it the largest cryptocurrency theft in history.

  • Market Impact and Response: Following the hack, Ether's value dropped significantly. Bybit's CEO has stated the exchange can cover the financial loss and reassured that all other wallets are secure and operational.

  • Continued Operations and Security: Despite the breach, Bybit assures that all client assets are backed and withdrawals are proceeding as normal, highlighting robust security measures for other wallets.

TOP STORIES

ByBit Suffers Largest Crypto Hack Ever with $1.5 Billion Stolen - "The Defiant"

ByBit, the second-largest centralized exchange by trading volume, is experiencing a security exploit, according to onchain sleuth ZachXBT.

thedefiant.io/news/hacks/bybit-suffers-security-exploit-with-usd1-5b-drained-so-far

North Korea-Linked Lazarus Group Laundered $900 Million in Crypto

The infamous North Korea-affiliated Lazarus Group has allegedly pilfered nearly $900 million in cryptocurrency over the past year, according to a report from blockchain analytics company Elliptic.

www.bitdefender.com/en-us/blog/hotforsecurity/north-korea-linked-lazarus-group-laundered-900-million-in-crypto

Coinbase says SEC has agreed to dismiss case against it, pending commission approval

Coinbase says the Securities and Exchange Commission has agreed to dismiss its case against the cryptocurrency platform, pending commission approval

abcnews.go.com/Business/wireStory/coinbase-sec-agreed-dismiss-case-pending-commission-approval-119041501

FUNDRAISING

OTHER HEADLINES

Nansen joins TRON as a Super Representative, enhancing blockchain transparency and governance

Nansen joins TRON as a Super Representative, enhancing blockchain transparency with advanced analytics and data-driven governance.

cryptobriefing.com/nansen-tron-super-representative

RWA Tokenization Firm Centrifuge Has a New CEO, Bhaji Illuminati - "The Defiant"

Centrifuge, a real-world asset (RWA) protocol with over $100 million of total value locked, has a new CEO, Bhaji Illuminati.

thedefiant.io/news/defi/rwa-tokenization-firm-centrifuge-has-a-new-ceo-bhaji-illuminati

Coinbase CEO Brian Armstrong is Still Bullish on Memecoins - "The Defiant"

It’s become trendy since Argentina’s Libra debacle to predict the end of what Galaxy Research just called “a souring memecoin narrative.”

thedefiant.io/news/people/coinbase-ceo-brian-armstrong-is-still-bullish-on-memecoins

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