​CNN has reported on the recent $1.5 billion cryptocurrency heist, identifying North Korean hackers as the perpetrators.

One of the biggest cryptocurrency thefts in recent history has sent shockwaves through the digital asset market. The attack, which targeted Bybit, a major cryptocurrency exchange, resulted in the theft of $1.5 billion in Ethereum, making it one of the most significant cyber heists to date. The incident, which the FBI has linked to North Korean hackers, has raised concerns over the security of crypto exchanges and the evolving tactics of cybercriminals. According to CNN, this incident marks the largest crypto hack on record. Read from CNN

The breach occurred on February 21, 2025, during a routine transfer of Ethereum from an offline “cold” wallet to a “warm” wallet—an operation meant to facilitate smoother transactions. However, hackers exploited vulnerabilities in this process, siphoning off $1.5 billion in Ethereum tokens before the breach was detected. The attack prompted Bybit to suspend withdrawals and strengthen security protocols to prevent further damage.

Following the attack, the FBI identified North Korean-linked hackers as the perpetrators, reinforcing concerns over the Lazarus Group, a cybercriminal syndicate believed to be state-sponsored by Pyongyang. According to intelligence reports, North Korea has been ramping up its cyber-theft operations to fund its sanctioned government. The Bybit heist fits the pattern of previous attacks attributed to the Lazarus Group, which has been responsible for multiple crypto-related breaches in recent years.

While different in execution, the Bybit hack and the infamous OneCoin scam share a fundamental similarity—both cases underscore how cybercriminals exploit trust in the cryptocurrency space to amass billions illegally. OneCoin, orchestrated by Ruja Ignatova – the Cryptoqueen, was a Ponzi scheme that deceived investors into pouring $4.5 billion into a fraudulent cryptocurrency that never existed on a blockchain. In contrast, the Bybit hack was a direct cyberattack on a legitimate exchange, using sophisticated hacking techniques to drain funds from real accounts. Read more about Ruja Ignatova the Cryptoqueen

The OneCoin scam peaked between 2014 and 2017, yet just a few years later, the Bybit heist proves that cryptocurrency remains a prime target for financial criminals. Despite increasing regulations and security measures, the attack has exposed vulnerabilities in crypto exchange security, triggering panic across the industry.

Market Shock and Stricter Regulations

The Bybit hack has sent ripples through the cryptocurrency market, triggering a wider selloff in Bitcoin, Ethereum, and other digital assets as investor confidence wavers. In response, Bybit has refilled its reserves and reassured customers that their assets will be recovered, though the full impact of the heist remains uncertain. Bitcoin’s price fell over 5%, dropping below $80,000 for the first time since November 2024. Today it is trading at $84,385 according TradingView. This decline represents a substantial decrease from its mid-December peak of $105,000, amounting to a loss of approximately 25% in value over that period. 

Meanwhile, governments and financial regulators worldwide are calling for tighter security measures, stronger KYC (Know Your Customer) protocols, and stricter regulations on crypto exchanges to prevent future breaches. The Bybit attack serves as yet another warning that as digital finance evolves, so too do the threats, reinforcing the urgent need for better safeguards in the crypto industry.

With investigations ongoing, the world watches closely to see if authorities can track the stolen funds and hold those responsible accountable. However, as history has shown—from the OneCoin scandal to this latest attack—cryptocurrency crime continues to evolve, challenging even the most advanced security systems.