Bybit Hack Becomes Largest in Crypto History as February Losses Soar to $1.53 Billion

The cryptocurrency sector witnessed staggering losses of $1.53 billion in February 2025, marking a nearly 1,500% surge from the $98 million reported in January, according to a recent report by blockchain security firm CertiK. The historic Bybit exploit and subsequent security vulnerabilities at Infini and zkLend were the primary causes of the cryptocurrency attack surge that occurred during this period.

On February 21, Bybit experienced the largest cryptocurrency assault in history when hackers stole approximately 401,346 ETH, which is valued at $1.4 billion.  According to recent investigations, the Lazarus Group of North Korea is responsible for the attack that targeted Ronin Bridge, a crypto exchange, for $650 million prior to the Bybit incident in February.

Cryptomixing services were employed to obscure the source of the stolen funds following the attack.  The recovery of stolen assets is rendered considerably more challenging as a result of reports that corroborate the nearly complete laundering of stolen funds.

Infini and zkLend Also Targeted

The second-largest February exploitation occurred on February 24, when the Infini stablecoin neobank suffered a loss of $49.5 million.  The platform was victimised by a funds theft through its smart contract after its developer accessed the platform with admin privileges.

The misappropriated assets were transferred to a wallet that received the funds through Tornado Cash.  Infini attempted to contact the perpetrator by offering a 20% bounty payment in exchange for the return of the stolen funds; however, the funds have yet to be recovered.

On February 12, the Ethereum-based lending protocol zkLend was the victim of a $9.5 million exploit.  The platform began the recovery process by offering a 10% bounty to the hacker and developing a website that allows users who were impacted by the theft to submit claims.  The recovery of stolen funds is blocked by the hacker’s refusal to restore the funds.

The Bybit breach, now the largest hack in crypto history, surpasses even the infamous Mt. Gox incident, signaling a concerning escalation in cybercrime targeting digital assets. As investigations continue, industry experts emphasize the importance of robust security frameworks and enhanced monitoring to mitigate future risks.