Bybit $1.5 Billion Hack

On February 21, 2025, the Bybit exchange suffered a security breach resulting in the loss of approximately $1.5 billion in Ethereum-related assets — the single largest theft in cryptocurrency history. Within hours, ZachXBT submitted evidence to Arkham Intelligence identifying North Korea's Lazarus Group as the perpetrators. He traced test transactions and connected wallets used before the exploit, linking them to prior Lazarus Group operations. The hack demonstrated that even major exchanges remain vulnerable to sophisticated state-sponsored attacks, and that independent investigators like ZachXBT could identify perpetrators faster than any government agency. The speed of attribution — from hack to identification in mere hours — was unprecedented.