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February 21, 2025Crises & controversyFailures & lossesdocumented

Bybit loses about $1.5 billion in the largest crypto theft on record

Attackers redirected a routine cold-to-hot wallet transfer, taking the largest single haul in the industry's history.

The compromise reached a developer machine at the multi-signature wallet provider Safe, letting the attackers present a malicious transaction that looked legitimate to signers. The FBI attributed the theft to North Korea's Lazarus Group, and the proceeds were laundered within days.