Historical retrospective · Security
The Bybit theft put exchange incident response back in focus
In February 2025 Bybit reported a major theft from an Ethereum cold wallet; the FBI later attributed the operation to North Korean actors.
The incident drew attention to transaction approval flows, wallet infrastructure and the speed at which illicit assets can move across chains.
It reinforced that “cold storage” still depends on secure signing processes and operational verification.
Attribution reports should be distinguished from on-chain evidence, and exchange claims should be checked against official law-enforcement statements.
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