Crypto Hacks Soar: $1.5B Stolen from Bybit

Crypto exchanges and decentralized finance platforms have become increasingly vulnerable to hackers, with a record $1.5 billion worth of Ethereum stolen from Bybit in February 2023.

The Federal Bureau of Investigation attributed the theft to North Korea, which quickly converted the funds into other cryptocurrencies and dispersed them across thousands of addresses on multiple blockchains.

This is not an isolated incident, as last year saw over $2.9 billion worth of cryptocurrency stolen across nearly 150 different attacks, according to researchers at TRM Labs.

Other notable hacks include the theft of around $610 million from Poly Network in August 2021 and $540 million from Ronin Network in March 2022.