Rich by Coin

On February 21, 2025, cryptocurrency exchange Bybit experienced the largest single cryptocurrency hack on record, with attackers stealing an estimated $1.5 billion worth of Ethereum—roughly 401,000 ETH—from a cold wallet. Investigators say the breach began as a routine internal transfer, but attackers exploited internal vulnerabilities to gain unauthorized access to critical systems. Blockchain forensic analysts traced the movement of funds through multiple wallets and mixers, highlighting the challenges of tracking illicit flows after a major breach. Security researchers and the U.S. Federal Bureau of Investigation attributed the attack to the Lazarus Group, a state-sponsored hacking organization linked to North Korea.

The incident sent shockwaves through crypto markets, with Ethereum prices briefly falling and exchanges scrambling to audit internal controls. Regulators used the breach as evidence that even large platforms remain vulnerable to sophisticated attackers.