On February 21, 2025, Bybit, a crypto trading platform, was hacked and around $1.5 billion worth of Ethereum (ETH) was stolen. Bybit's CEO assured users that their assets were safe and withdrawals were unaffected. Tether, another cryptocurrency company, confirmed that they had frozen 181,000 USDT allegedly connected to the hack. While this action may not have a significant impact on the overall amount stolen, it shows that cryptocurrency companies are improving their security measures. The attack occurred when Bybit was transferring funds between wallets, and it is believed to be the work of the Lazarus Group, a hacker group linked to North Korea. The incident raises concerns about the security procedures of other exchanges and highlights the importance of diversification and safer storage technologies. However, it also emphasizes the growing need for increased cybersecurity measures in the crypto sector.



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