Bybit, a Dubai-based crypto exchange, was hacked for $1.5 billion in Ethereum, with the FBI blaming North Korea’s Lazarus Group. Hackers used phishing attacks to compromise Bybit’s cold wallet signers, replacing a multisignature wallet contract with a malicious version to transfer funds. Bybit has since offered a $140 million bounty for information leading to asset recovery. The breach raises concerns over crypto security and regulatory oversight. The attack highlights the growing sophistication of state-backed cybercriminals using crypto theft to fund illicit activities. Authorities and exchanges are now intensifying security measures to prevent future breaches.