Last month, the cryptocurrency industry suffered its biggest hack in history. Bybit, a major exchange, lost an astonishing $1.4 billion in a single attack. Overall, crypto hacks in February surged by 1,500% compared to January. Let’s break down what happened and why security concerns are rising.
Bybit Hack: The Largest Crypto Theft Ever
On February 21, Bybit fell victim to a massive cyberattack, resulting in a $1.4 billion loss. The FBI later confirmed that the hack was carried out by Lazarus, a notorious North Korean cybercrime group.
This attack is now the largest in crypto history, surpassing the infamous Ronin hack of 2022, which saw $650 million stolen. Notably, both attacks were orchestrated by the same group—Lazarus.
https://twitter.com/CertiKAlert/status/1895444094048260487
Other Major Crypto Hacks in February
In total, hackers stole $1.53 billion from the crypto sector in February. Even without the Bybit hack, the industry still lost $126 million—28.5% more than January’s $98 million.
Two other major attacks contributed to the losses: the Infini and ZkLend hacks.
Infini Hack: $49 Million Stolen in Admin Exploit
On February 24, stablecoin payment platform Infini was hacked, losing $49 million. Attackers exploited admin rights to redeem all Vault tokens, draining the funds. In response, Infini offered the hackers 20% of the stolen money if they returned the rest. So far, the hackers have not responded.
ZkLend Attack: $10 Million Lost
On February 12, decentralized lending platform ZkLend was hacked, with attackers stealing $10 million.
These two hacks alone added up to $59 million in losses, further highlighting the growing security risks in crypto.
Why Are These Hacks Happening?
Data from CertiK reveals that wallet compromises were the main cause of February’s attacks. Code vulnerabilities and phishing scams were also significant factors.
As hackers continue to target major crypto platforms, the need for stronger security measures has never been more urgent.
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