Bybit said it replenished its reserves following a $1.5 billion hack last week, the largest in the history of the crypto industry. In less than 72 hours, Bybit pieced together hundreds of thousands of ether tokens through a mix of emergency loans and large deposits. While the rapid recovery restored the exchange’s balance and kept customer withdrawals open, it did not account for the stolen crypto.
The breach occurred during a routine internal transfer, when Bybit was moving funds from its offline “cold wallet,” designed for secure, long-term storage, to a “warm wallet,” which enables active trading. During that transfer, hackers exploited security gaps, intercepting the transaction and redirecting the funds to an unknown address.
Read more…
Source: CNBC News
Related:
- Crypto exchange Bybit says it fully replenished reserves after record $1.5 billion hack
February 24, 2025
Bybit said it replenished its reserves following a $1.5 billion hack last week, the largest in the history of the crypto industry. In less than 72 hours, Bybit pieced together hundreds of thousands of ether tokens through a mix of emergency loans and large deposits. While the rapid recovery restored the exchange’s balance and kept customer ...
- North Korean Hackers Were Behind Crypto’s Largest ‘Theft of All Time’
February 21, 2025
Blockchain analytics firm Arkham Intelligence said North Korea’s Lazarus Group was behind Bybit’s $1.46 billion hack. In an earlier post on social media platform X, Arkham offered a bounty of 50,000 ARKM tokens for anyone who could identify the attackers for Friday’s hack. Later, the platform said onchain sleuth ZachXBT submitted “definitive proof” that the attackers ...
- Argentine judge investigates fraud case against President Milei over crypto promotion
February 18, 2025
A judge in Argentina was selected Monday to investigate allegations of fraud against President Javier Milei for his brief promotion of a cryptocurrency whose value collapsed within hours of its launch last week. Milei distanced himself from the scandal and said he acted in good faith. Milei and his office denied involvement with creators of the ...
- Lazarus group evolves its infection chain with old and new malware
December 19, 2024
Over the past few years, the Lazarus group has been distributing its malicious software by exploiting fake job opportunities targeting employees in various industries, including defense, aerospace, cryptocurrency, and other global sectors. This attack campaign is called the DeathNote campaign and is also referred to as “Operation DreamJob”. Kaspersky researchers have previously published the history of ...
- NCA disrupts $multi-billion Russian money laundering networks with links to, drugs, ransomware and espionage, resulting in 84 arrests
December 4, 2024
An international NCA-led investigation – Operation Destabilise – has exposed and disrupted Russian money laundering networks supporting serious and organised crime around the world: spanning from the streets of the UK, to the Middle East, Russia, and South America. Investigators have identified two Russian-speaking networks collaborating at the heart of the criminal enterprise; Smart and TGR. ...
- Meta takes down more than 2 million accounts in fight against pig butchering
November 22, 2024
Meta provided insight this week into the company’s efforts in taking down more than 2 million accounts that were connected to pig butchering scams on their owned platforms, Facebook and Instagram. Pig butchering scams are big business, with hundreds of millions of dollars involved every year. The numbers are not precise because some researchers see these ...