The Largest Crypto Heist in History

A significant incident occurred when the cryptocurrency trading platform Bybit was hacked, resulting in the theft of approximately $1.5 billion in just two minutes. This incident marks the largest crypto theft ever recorded, surpassing previous large-scale hacks like the Ronin Network, which involved a $600 million theft. The attack was executed by exploiting a transfer mechanism used to move funds from cold wallets, which are typically more secure, to hot wallets. Analysts suspect North Korea's Lazarus Group, known for state-sponsored cybercrimes, to be behind this unprecedented heist, raising alarms about the increasing sophistication of cyber threats.