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.

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

British blockchain analytics firm Elliptic, which traced the stolen crypto, said North Korea's Lazarus Group was behind the hack. Lookonchain, another analytics firm, said Bybit secured around 446,870 ETH (~$1.23B) since the hack through loans, whale deposits, and purchases.