Bybit Hit by $1.46B Ethereum Theft - Largest in History

Global cryptocurrency exchange Bybit has suffered a major hack, losing 401,347 Ethereum (ETH). The damage amounts to approximately $1.46 billion, making this potentially the largest theft in cryptocurrency industry history in dollar terms.

Bybit CEO Ben Zhou announced via social media X on the 21st (local time) that "hackers compromised a specific Ethereum cold wallet and transferred all Ethereum to an unidentified address." However, he clarified that "Bybit maintains sufficient solvency, and customer assets are safely stored on a 1:1 basis."

Bybit has enlisted blockchain forensics experts to investigate the hack and track the movement of stolen assets. They are also working with partners to develop measures to recover the lost funds.

The industry has stepped up to support Bybit. Binance founder Changpeng Zhao stated, "I would suggest (Bybit) temporarily suspend all withdrawals," and offered "all necessary support if needed." Reports indicate that Binance and BitGet have transferred approximately 50,000 Ethereum to Bybit's cold wallet.

The North Korean government-backed hacking group Lazarus has been identified as the suspected perpetrator of this hack. Lazarus is known to be connected to incidents such as the Axie Infinity Ronin Network hack in 2022, which caused over $600 million in damages.

Meanwhile, Ethereum's price is experiencing a sharp decline. This is due to the acceleration of a potential bank run on Bybit following the massive Ethereum theft. Concerns about potential Ethereum dumping have also emerged. Ethereum is currently trading at around $2,650 on Bybit, down more than 3% from the previous day.