In a significant event for the crypto sector, Bybit fell victim to the largest hack in its history, with over $1.4 billion stolen by the North Korean hacker group, Lazarus. The exchange lost more than $5 billion in total assets following the Feb. 21 attack, but independent audits confirmed that its reserves continue to exceed liabilities, ensuring user funds remain secure. In response, Bybit launched a bounty program offering up to 10% of the recovered funds, approximately $140 million, to white hat hackers assisting in the recovery efforts. CEO Ben Zhou assured customers about the security of other cold wallets and the ongoing withdrawal process, emphasizing that 70% of pending transactions had already been processed. Despite the attack, he expressed confidence in the firm's resilience and ongoing discussions with law enforcement and Ethereum's Vitalik Buterin for further recovery strategies.

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