The Bybit Exchange Hack of February 2025: A Comprehensive Analysis

In February 2025, cryptocurrency exchange Bybit suffered what has become the largest digital heist in cryptocurrency history, with losses totaling approximately $1.5 billion. This sophisticated attack, attributed to North Korean state actors, exposed critical vulnerabilities in multi-signature wallet systems and highlighted the evolving nature of threats in the cryptocurrency space. The incident involved a complex chain of events including the compromise of a developer’s machine, manipulation of transaction interfaces, and rapid laundering of stolen funds.

The 2016 Bitfinex hack represents one of the most significant security breaches in cryptocurrency history, resulting in the theft of approximately 120,000 bitcoins valued at roughly $72 million at the time. This incident has become a landmark case study in cryptocurrency security, digital forensics, and the legal pursuit of cybercriminals. The hack’s aftermath spanned years, culminating in arrests, guilty pleas, and the largest cryptocurrency seizure in history. What follows is a detailed analysis of this watershed event in cryptocurrency security history, examining its timeline, technical aspects, attribution, and long-term implications.