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

The cryptocurrency exchange Bybit has fallen victim to an attack resulting in the theft of digital assets valued at $1.5 billion. Experts estimate this to be the largest theft in the history of this sector.

Bybit is a well-known cryptocurrency exchange with more than 60 million users. It’s regularly ranked among the top five cryptocurrency exchanges online by volume. The hack was disclosed on Feb. 21. The company said an attacker gained control of an Ethereum wallet and transferred the holdings in the wallet to an unknown address.

Bybit has returned to a 1:1 backing of client assets and has fully closed the “ETH gap” it faced after an unprecedented $1.4 billion hack hit the exchange. Address activity suggests more than $400 million were purchased through over-the-counter trading, with another $300 million brought directly from exchanges.

Bybit has officially filled the $1.4 billion hole left by one of the biggest crypto hacks in history. CEO Ben Zhou announced that the exchange

Bybit’s $1.4B hack revealed security flaws, with experts from Ledger, Fireblocks, and CZ urging MPC wallets, off-chain settlement, and stronger governance.