Investigation revealed that BingX, & Phemex hacks were also connected to the same cluster as Bybit's, confirming the threat actor’s identity as the Lazarus group.

North Korea is behind the massive crypto hack, according to several blockchain monitoring firms and a well-known researcher

Over the weekend, blockchain security companies and experts have linked North Korea's Lazarus hacking group to the theft of over $1.5 billion from cryptocurrency exchange Bybit.

ZachXBT has identified North Korea’s Lazarus Group as the orchestrator behind the massive $1.46 billion hack on Bybit.

Following the recent theft of $1.4B from Bybit’s reserves, the exchange has launched “Lazarus Bounty.” The bounty tracking platform aims to recruit the global crypto community to aid in the recovery of the stolen funds.

North Korea's Lazarus Group is credited with hacking the Bybit crypto exchange on February 21, 2025, and stealing a massive $1.4 billion. According to blockchain security firm Elliptic, the stolen funds are likely being laundered through various methods to obscure the transaction trail.