# Crypto Lost to Exploits, Scams Hits $1.5 Billion in February with Bybit Hack: CertiK

In a devastating month for the cryptocurrency market, hackers, scammers, and exploits wreaked havoc, leaving investors reeling from losses totaling nearly $1.53 billion. According to blockchain security firm CertiK, this staggering figure is comprised of several high-profile incidents that have left many wondering how such massive breaches could occur.

# The Largest Crypto Hack Ever: Bybit

At the center of this chaos was the February 21 attack on Bybit by North Korea's Lazarus Group, which resulted in a staggering $1.4 billion loss. This is more than double the $650 million Ronin bridge hack in March 2022, also conducted by Lazarus. The Bybit hack marked a significant milestone in cryptocurrency security, highlighting the need for robust defense mechanisms to prevent such attacks.

## How Did the Hack Happen?

The attackers took control of a storage wallet, which served as the entry point for the hackers. The FBI later confirmed industry reports that North Korea was behind the attack and had started converting the stolen crypto and dispersing it across thousands of addresses on multiple blockchains.

# Bybit's Response

Bybit stated that the attack was carried out by exploiting a storage wallet. In a surprising move, the company offered the hacker 20% of the stolen loot if they returned the remainder, along with a guarantee that they wouldn't face any legal consequences. This offer came with a 48-hour deadline, which has long since passed.

## The Hacker's Fate

According to Etherscan, the wallet used by the hacker still has a balance of over 17,000 Ether (ETH) worth $43 million. However, it remains unclear whether the hacker plans to accept Bybit's offer and return any funds. The fate of the stolen funds remains a pressing concern for investors and regulators.

# Other Notable Exploits

While Bybit was the largest victim of the attacks, other notable incidents included:

* A February 24 hack on stablecoin payment firm Infini that stole $49 million. * A February 12 exploit on decentralized money lending protocol ZkLend that resulted in a loss of $10 million.

## Security Measures

CertiK's report highlighted the importance of protecting private keys and understanding admin privileges. The company noted that the Bybit hack was a significant vulnerability, demonstrating how admin rights can become a single point of failure. One fundamental aspect of blockchain security is knowing how to protect your private keys.

# A Trending Decline

Despite these incidents, losses to crypto scams, exploits, and hacks were declining in the final days of 2024. December's losses totaled $28.6 million, compared to $63.8 million in November and $115.8 million in October.

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