Bybit Faces Unprecedented Industry Response A major cryptocurrency exchange, Bybit, has suffered a massive security breach, leading to the theft of approximately $1.5 billion worth of Ethereum. The incident took place late Friday evening when hackers exploited a routine transfer of funds from a secure offline wallet to a daily-use wallet.

Crypto exchange Bybit announced that it has recovered almost 100% of its Ethereum lost through loans and other OTC deals.

Experts warn that the $1.4 billion stolen in Bybit’s hack, allegedly tied to North Korea’s Lazarus Group, is likely to be laundered through mixers and cross-chain bridges.