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What happened at Bybit?
On February 21, 2025, attackers stole cryptocurrency from Bybit, a digital-asset exchange. Elliptic estimated the stolen assets at approximately $1.46 billion in a report published two days later. On February 26, the FBI said North Korea was responsible for stealing approximately $1.5 billion in virtual assets on or about February 21. The difference reflects the sources’ rounded estimates, not a separate incident. FBI / IC3 announcement; Elliptic report.
The loss was large enough to prompt immediate questions about Bybit’s ability to meet customer obligations. CEO Ben Zhou told the Associated Press, “We can cover the loss.” That statement concerned the exchange’s capacity to cover the loss; it was not a claim that the stolen cryptocurrency had been recovered. Associated Press report.
Who attributed the theft to North Korea?
Blockchain researchers and investigator ZachXBT publicly linked the operation to North Korean actors before the FBI made its announcement. Early reporting connected the actors to the Lazarus Group, but the source accounts do not establish that Lazarus and the FBI’s label refer to precisely the same operational unit in this incident. TechCrunch, February 24, 2025.
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On February 26, the FBI publicly attributed the theft to North Korea and referred to the actors as TraderTraitor. That is the official U.S. attribution in the available sources. TechCrunch reported on February 24 that Bybit was still investigating attribution at that point, so the chronology matters: researcher allegations came first, followed by the FBI’s public statement. FBI / IC3 announcement; TechCrunch.
How did Elliptic trace the stolen funds?
Elliptic described a fast-moving laundering process rather than a single transfer to one destination. Its account said some stolen tokens were quickly exchanged for Ether, then funds were divided and moved among many wallets and services. Elliptic identified decentralized exchanges, cross-chain bridges, centralized exchanges and mixers in its tracing account. These are Elliptic’s findings and analysis, not a complete, independently settled ledger of every movement.
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Elliptic said 50 initial wallets received funds within two hours of the theft and were emptied over the next nine days. That is a dated snapshot of the tracing at the time, not a final accounting. The firm also reported that funds were being commingled with funds from earlier thefts attributed to North Korea. Its co-founder and chief scientist, Tom Robinson, told TechCrunch that “the laundering methods being used are very similar to those previously seen with DPRK.” Elliptic report, updated March 5, 2025; TechCrunch.
Elliptic explained that some token issuers can freeze tokens, while Ether and Bitcoin do not have a central issuer with the same ability to freeze an asset. The firm’s account therefore described swapping assets as one feature of the laundering pattern. This explanation concerns the tracing of this incident; it should not be read as a complete account of how the attackers initially gained access to Bybit.
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Was it the largest crypto theft?
Elliptic called the Bybit incident the largest crypto theft at the time, comparing it with the $611 million Poly Network theft in 2021. Elliptic noted that most of the Poly Network funds were later returned. The comparison is about reported cryptocurrency thefts; it does not establish a ranking across every category of theft. Elliptic report.
The exact headline figure depends on the source and how it rounds the estimate: Elliptic reported approximately $1.46 billion, while the FBI used approximately $1.5 billion. Both refer to the value associated with the theft in February 2025.
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What the 2025 totals say about crypto theft
Chainalysis estimated that more than $3.4 billion in cryptocurrency was stolen from January through early December 2025, including $1.5 billion attributed to the Bybit theft. It separately estimated that North Korean hackers stole $2.02 billion in cryptocurrency during 2025, a 51% increase from its estimate for the previous year. These are Chainalysis estimates, not official government totals, and they describe the broader year rather than a final recovery ledger for Bybit. Chainalysis 2025 retrospective.
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What is not established about the hack?
- The precise initial compromise: The reviewed reporting does not establish a complete technical chain showing how the attackers first gained access. The Associated Press reported Bybit’s description of a manipulated routine Ethereum wallet transfer, but that alone does not prove a specific vulnerability or entry method. Associated Press.
- A final recovery total: Elliptic described seizures connected to its alerts, but the cited sources do not provide a settled aggregate amount recovered or frozen. Its March 5, 2025 update and Chainalysis’s later annual estimates should not be treated as a current, complete recovery ledger. Elliptic; Chainalysis.
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