The latest hacking of Bybit, a leading cryptocurrency exchange, has caused a furore in the digital asset community.
Hackers linked to North Korea’s Lazarus Group reportedly stole approximately $1.5 billion in Ethereum, making the theft the largest cryptocurrency heist.
The hack has sparked outrage and concern over the security vulnerabilities in the sector.
Cybersecurity experts underscored the sophistication of the attack, which involved social engineering tactics and manipulation of Bybit’s multi-signature wallet.
Dr Emily Carter, a cybersecurity analyst, noted that such breaches underscore the evolving threats even the most reputable exchanges face.
Carter said, “Platforms must stay ahead of the curve to protect user assets.”
Johnathan Lee, a blockchain security specialist, stressed the need for multi-layered security measures, including cold storage and regular audits.
“The decentralised nature of cryptocurrencies makes them an attractive target for cybercriminals,” Lee added.
Social media users have voiced their distrust of centralised exchanges, advocating for hardware wallets as a safer alternative.
They are calling for greater accountability from crypto exchanges and stricter regulatory oversight amid fears of losing huge investments.
However, some users have praised Bybit for its prompt response and commitment to reimbursing losses.
“Bybit is handling it the right way. They’re being transparent and taking responsibility,” a user said.
“This is why I only keep my crypto in a hardware wallet,” said a Reddit user. “Exchanges can’t be trusted.”
“How many more hacks will it take for exchanges to prioritise security?” a netizen stated on X, formerly Twitter.
Despite the backlash, some users have praised Bybit for its handling of the situation.
“Bybit is doing the right thing by being transparent and taking responsibility. They’re setting a good example,” a user said.
Industry leaders are calling for a collective effort to strengthen security standards across the board.
“This is a wake-up call for the entire industry,” said Michael Chen, CEO of a blockchain security firm.
He added, “Exchanges, regulators, and users must work together to create a safer ecosystem for digital assets.”
Bybit’s CEO, Ben Zhou, said, “Twelve hours from the worst hack in history, all withdrawals have been processed. Our withdrawal system is now fully back to normal pace—you can withdraw any amount and experience no delays. Thanks for your patience, and we are sorry that this has happened.
“We’ve launched a refund program for users affected by today’s hack. Bybit is committed to protecting our community, and we will fully reimburse all impacted users.”
