Hackers cash out in Bybit crypto heist and more

Hackers cash out in Bybit crypto heist

In late February 2025, hackers stole nearly $1.5 billion in digital tokens from Bybit, the world’s second-largest cryptocurrency exchange. Nearly a month later, they’ve successfully cashed out at least $300 million from the heist.

The Lazarus Group, a collection of sophisticated hackers connected to the North Korean government, are reportedly working around the clock using complex processes to convert more than 400,000 Ethereum crypto coins into cash before the funds can be recovered.

Bybit CEO Ben Zhou says he’s “waging war on Lazarus” with the Recover Bounty Program to solicit help in identifying transactions involving stolen coins on the public blockchain. But help has been hard to come by: Bybit accused another crypto exchange of allowing cashouts of these funds through its platform, according to the BBC.