Bybit Experiences Major Cryptocurrency Outflow

Bybit Faces Significant Withdrawal After Massive Hack

In a recent cybersecurity incident, the cryptocurrency exchange Bybit has encountered a notable exit of assets totaling over $5.5 billion. This comes in the wake of a substantial hack amounting to approximately $1.5 billion. The breach, which is believed to have been orchestrated by the notorious Lazarus Group from North Korea, targeted the exchange's ether cold wallet.

According to DeFiLlama data, the overall value of assets held in wallets linked with Bybit experienced a sharp decline, dropping from roughly $16.9 billion to $11.2 billion. In response to this significant reduction, the exchange is actively working to uncover the details of the incident.