Bitbit, a popular crypto exchange, has a massive hack worth 1.5 billion US dollars in digital assets. According to reports, the hackers were aimed at the cold wallet of the Crypto Exchange, an offline storage system, in order to steal the assets of the Exchange in particular. On-chain data show that the stolen funds were quickly transferred to different wallets and liquidated on several platforms.
Ben Zhou, CEO from Bybit, immediately addressed the hack and informed the users that the other cold wallets of the website are safe and withdrawals are processed “normally”.
When the company has to increase with an increase in payment inquiries, it received over 88,000 ETH (worth around 239 million US dollars) from popular stock exchanges such as Binance and Bitget. The Fresh Crypto transmission of these two popular exchanges increased the liquidity of Bybit and made it possible for customer deduction inquiries to be asked.
Bybit discovered an unauthorized activity in which one of our ETH cold letters were involved. The incident occurred when our ETH -Multi -Multi -Kaltbrief bag carried out a transmission to our warm wallet. Unfortunately, this transaction was manipulated by a demanding attack that masked the signing …
– Bybit (@bybit_official) February 21, 2025
The authorities link violated the North Korean Hacking Group
Chopping the Bitbit Cold Wallet on Friday is the largest crypto hacking that chops on plate. Arkham Intelligence and Elliptic said that the stolen digital assets were quickly transferred to different accounts and liquidated within minutes. Elliptic reports that hacking is by far the largest in the industry and that the stolen 570 million dollars from Binance easily exceeded in 2022 and was emptied by Krypto assets worth 611 million US dollars in 2021 from the poly network.
According to CEO from Bybit, the “Massive withdrawal” platform feels. https://t.co/xi5vhqmqwi
– Fortune (@fortunemagazine) February 21, 2025
Elliptically speculated that the Lazarus group, a state-supported hacking team in North Korea, had committed hack. The Lazarus Group is known for its crypto hacking activities that steal billions of dollars from different locations.
Bybit receives help from Binance and Bitget
When Bitbit had difficulty increasing the payment, it received help from other popular stock exchanges to cover the inquiries. According to Arkham, the stock exchange received more than 88,000 ether or about 239 million US dollars from Binance and Bitget addresses.
Fund infusion can increase the current liquidity of the stock exchange because it treats the massive payout inquiries. Bybit confirmed that his users moved money from the exchange after the hack was published.
According to Arkham, Bitget transferred 40,000 ether on February 21st at 7:44 p.m. (UTC) or 106 million US dollars to a Bitbit Cold Wallet. Lookonchain argued that Bitget had transferred its funds to the stock exchange in order to increase its liquidity and serve as a vote of trust.
After 10 minutes, a Binance -hot wallet handed over 11,800 ether or 31 million US dollars to the same address of Bitbit Cold Wallet. Binance has transferred a total of 47,800 ether or 127.48 million US dollars.
CEO explains Crypto Exchange remains solvent
The CEO of Bybit, Ben Zhou, has assured its users and customers that the exchange is soluble. In a Twitter/X contribution, the CEO explained that the funds of customers are supported 1: 1 and that the company can operate the losses, even if it does not restore them.
Selected picture of Adobe Stock, Diagram from Tradingview