Bybit News: North Korean Hackers Steal $1.5 Billion from Bybit, Launder $300 Million

In a stunning development, North Korean hackers have pulled off one of the largest cryptocurrency heists in history, stealing $1.5 billion from Bybit, a major crypto exchange. Here’s what you need to know about this unprecedented incident.

North Korean Hackers Launder $300M from $1.5B Bybit Heist

North Korean hackers, believed to be the Lazarus Group, successfully stole $1.5 billion from crypto exchange Bybit two weeks ago, marking one of the largest thefts in digital asset history. They have laundered at least $300 million of the stolen funds, making recovery nearly impossible. Authorities and blockchain analysts have been trying to track and freeze the stolen funds, but the hackers are highly sophisticated and operate 24/7 in a state-backed effort to fund North Korea’s military and nuclear programs.

$3.8 Billion in Bitcoin and Ethereum Outflows

For the third week in a row, digital asset investment products saw investors pull out funds, marking a historic $2.9 billion in outflows last week. This pushed the cumulative figure to $3.8 billion over three weeks. CoinShares attributed this reversal to the recent security incident at Bybit, hawkish signals from the Federal Reserve, and a cooling-off period after a 19-week inflow streak that brought in $29 billion. Bitcoin suffered the most with $2.59 billion in outflows, while Ethereum also faced heavy losses. These circumstances likely fueled profit-taking and a dip in market optimism.