Nearly every major crypto hack seemed like small potatoes compared to what happened on February 22, 2025. That’s when North Korea’s notorious Lazarus Group pulled off the biggest cryptocurrency heist in history, snatching a staggering $1.4-1.5 billion worth of Ether from Bybit’s cold wallet. Let that sink in – they stole 401,000 Ether. In one shot.
Blockchain investigator ZachXBT connected the dots first, tracing the attack back to Lazarus Group. Arkham Intelligence soon backed up the findings, pocketing a neat $50,000 bounty for their trouble. The FBI jumped in to confirm what crypto insiders already knew: Lazarus Group, those pesky state-sponsored hackers who’ve been wreaking havoc since 2010, had struck again.
These aren’t your average basement dwellers. Lazarus Group – also known as Hidden Cobra, ZINC, or Diamond Sleet – operates like a well-oiled machine. Their playbook? Fake job offers, phishing scams, and the time-honored tradition of pretending to be IT guys. They’ve got a knack for finding soft spots in supposedly ironclad systems. The group’s hackers receive specialized training in Shenyang, China, where they master advanced programming and cyber warfare techniques. The group’s earnings from these attacks directly fund WMD operations back in North Korea.
Bybit’s CEO Ben Zhou managed to secure 80% of the stolen funds through bridge loans – a small comfort after losing 70% of their Ether holdings. The crypto community is still reeling. Cold wallets, once considered Fort Knox-level secure, suddenly look about as safe as a piggy bank. The breach highlighted the importance of implementing key management protocols to prevent unauthorized access to digital assets.
The attack sent shockwaves through the industry, forcing everyone to take a hard look at their security measures. Law enforcement agencies worldwide are now playing catch-up, trying to track the stolen funds while cybersecurity experts pick through the digital debris for clues.
The most mind-bending part? This is just another day at the office for Lazarus Group. In 2023 alone, they walked away with $300 million in crypto losses. They’ve hit exchanges, online casinos, and blockchain networks – leaving a trail of compromised systems and empty wallets in their wake. Who needs missiles when you’ve got hackers?
