Bybit Faces Unprecedented Industry Response A major cryptocurrency exchange, Bybit, has suffered a massive security breach, leading to the theft of approximately $1.5 billion worth of Ethereum. The incident took place late Friday evening when hackers exploited a routine transfer of funds from a secure offline wallet to a daily-use wallet.

Cryptocurrency exchange Bybit has experienced total outflows exceeding $5.5 billion after suffering a $1.4 billion security breach, reportedly carried out by hackers linked to North Korea’s Lazarus Group. The attackers targeted the exchange’s ether cold wallet, prompting Bybit to secure emergency funding to maintain withdrawal operations.

The Dubai-based platform Bybit said an attacker gained control of an Ethereum wallet and transferred its holdings to an unknown address.