North Korea Linked to $1.5 Billion Bybit Crypto Exchange Hack
On February 21, 2025, cybersecurity researchers revealed that North Korea is likely behind a massive $1.5 billion hack targeting the crypto exchange Bybit. More than 401,000 Ether tokens, worth approximately $1.5 billion, were stolen from Bybit’s cold wallet, accounting for nearly 70% of its Ether reserves.
Crypto analytics firm Arkham traced the hack to North Korea's notorious Lazarus Group, which has a history of high-profile crypto thefts, including the $600 million Ronin Network hack in 2022. If confirmed, this theft would place North Korea as the 14th largest holder of Ether, eclipsing holdings maintained by Ethereum co-founder Vitalik Buterin and the Ethereum Foundation.
Experts remain cautiously optimistic about recovering some of the stolen crypto, estimating typical recovery rates range between 15-30%. Bybit has already reported the incident to law enforcement and has pledged to honor all customer withdrawals despite the security breach.
This incident adds to a growing trend of North Korea leveraging crypto hacks to fund its military operations. In 2024 alone, the country reportedly stole about $800 million in cryptocurrencies, and $1.7 billion in 2022.
For crypto enthusiasts looking to safely grow their holdings, platforms like Bitlet.app offer innovative solutions such as Crypto Installments, allowing users to buy cryptos and pay monthly, reducing risk exposure.
Stay vigilant and consider secure options to manage your crypto portfolio.