Bybit has suffered a massive security breach, resulting in the theft of US$1.5 billion in digital assets. Hackers targeted the exchange’s cold wallet, making this the largest crypto heist in history.

Blockchain analytics firm Elliptic reported that the stolen funds, mainly in ether, were quickly moved through multiple wallets before being liquidated.

This surpasses previous major hacks, including the US$611 million Poly Network breach in 2021 and Binance’s US$570 million loss in 2022.

Elliptic identified North Korea’s Lazarus Group as the perpetrators.

The state-sponsored hackers have a history of targeting crypto platforms to fund the regime, with thefts totaling billions since 2017.

Bybit CEO Ben Zhou assured that all other cold wallets remain secure and that withdrawals continue as usual.

The exchange secured a bridge loan from undisclosed partners to cover losses.