Bybit, the second-largest cryptocurrency exchange, suffered a massive breach on February 21, resulting in losses estimated at around $1.5 billion in staked Ether and various ERC-20 coins. The attack, reportedly orchestrated by North Korea's Lazarus Group, surpassed the previous record for crypto hacks. According to Bybit CEO Ben Zhou, the hack involved the compromise of an ETH cold wallet, leading to the transfer of 401,346.77 ETH to an unidentified address. In response, Zhou reassured users that the platform's other wallets remained secure and confirmed that Bybit's assets were sufficient to cover the losses. Notably, the incident reflects a concerning trend in the crypto industry, with increasing sophistication in hacks targeting high-value exchanges. Experts highlighted that attackers are employing advanced tactics, making crypto exchanges prime targets due to their custodianship of significant funds. Despite the severity of this breach, there is a belief that Bybit’s operational integrity will remain intact, given its financial backing and measures to mitigate risk.

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