Largest Crypto Hack Ever : The Story Behind Bybits $1.4 Billion Hack

Bybit, a cryptocurrency exchange, lost approximately $1.4 billion worth of various cryptocurrencies including stETH, mETH, and other ERC-20 tokens in a hacking incident. This surpasses the previous largest crypto hack of $600 million that Poly Network experienced in 2021. Some analysts see similarities between this attack and previous hacks of WazirX ($230 million) and Radiant Capital ($58 million). The attack method likely involved social engineering to trick authorized individuals into approving a malicious transaction. Arkham Intelligence, a blockchain security firm, suspects the North Korean Lazarus Group and is offering a 50,000 Arkham token bounty (worth about $31,500) for information leading to the perpetrators. This incident has damaged trust in centralized cryptocurrency exchanges, demonstrating their vulnerability despite security measures.