Bybit Takes Legal Action Against North Korea and Lazarus Group Following $1.5 Billion Heist

Bybit Initiates Lawsuit Against North Korea and Lazarus Group

In a major legal action, Bybit, the second-largest cryptocurrency exchange globally, has filed a civil lawsuit against the Democratic People’s Republic of Korea (DPRK) and their state-sponsored hacking organization, the Lazarus Group. This lawsuit follows a notorious hack in which approximately $1.5 billion in Ethereum was stolen from the platform.

Details of the Hack

The breach, reportedly executed by the Lazarus Group on February 21, 2025, marked one of the largest cryptocurrency thefts to date, encompassing over 400,000 ETH and stETH. This incident contributed significantly to the estimated $2.02 billion worth of cryptocurrency that North Korea is believed to have stolen throughout the same year, according to reports from Chainalysis.

Asset Freeze Secured

As part of the legal proceedings, Bybit successfully obtained a preliminary injunction that freezes certain assets, which are allegedly linked to the theft. This injunction will prevent the parties involved – identified as John Doe defendants – from transferring or selling the frozen assets during the ongoing litigation.

Bybit’s Commitment to Recovery

In a statement regarding the lawsuit, Bybit emphasized their determination to recover stolen funds and support investigations by international law enforcement. “Our focus has never changed: protect our users first, recover what we can, and ensure accountability for large-scale cybercrime,” said Ben Zhou, co-founder and CEO of Bybit. He further noted that the attack was not only on their platform but also on the broader trust within the cryptocurrency industry.

Independence from Criminal Investigations

Bybit clarified that this civil action is pursued separately from ongoing criminal investigations led by U.S. law enforcement authorities. The exchange is expected to seek further legal relief as the case progresses, reflecting its ongoing commitment to tackling cybercrime in the cryptocurrency space.