Despite suffering a $1.4 billion hack by North Korea’s Lazarus Group, Bybit remained operational and secured strong backing from the crypto community, proving the industry's resilience.

Feb. 21: Bybit Hack and Immediate Response
On-chain analyst ZachXBT first flagged the hack, prompting exchanges to blacklist associated addresses. Bybit CEO Ben Zhou quickly confirmed the breach but assured users that the exchange’s core systems were not compromised. Hackers rerouted 401,000 ETH ($1.14 billion) through intermediary wallets, but Bybit swiftly reinforced security measures.

Feb. 21: Stability Maintained
Bybit assured users that all cold wallets remained secure and withdrawals were unaffected. The DeFi platform Ethena, which had $30 million in exposure, successfully absorbed losses through its reserve fund.

Feb. 22: Industry Unites to Support Bybit
Leading crypto firms stepped in to help. Bitget lent Bybit 40,000 ETH (~$95 million), while Crypto.com and other exchanges offered security support. Tether froze 181,000 USDT tied to the hack, and Polygon’s security team helped recover $43 million.

Bybit’s ability to continue operations without disruption, along with the overwhelming industry support, demonstrated its strength and the crypto community’s commitment to resilience.

Source: Cointelegraph