February 2025: Bybit and the $1.5 Billion Crypto Heist

In mid-February, the Bybit cryptocurrency exchange fell victim to what is now cited as the largest crypto theft in history. Hackers, believed to be the Lazarus Group, exploited a third-party storage product to siphon off $1.5 billion in Ethereum. The attack utilized malicious JavaScript to manipulate transaction signing processes during a routine wallet transfer. This record-breaking breach served as a wake-up call for the financial sector regarding the extreme risks posed by third-party software dependencies and the sophistication of state-sponsored financial crime.

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