How Bybit’s lost Ethereum went through North Korea’s washing machine

The $1.4 billion hack against Bybit wasn’t just the largest exploit in crypto history — it was a major test of the industry’s crisis management capabilities, highlighting its maturation since the collapse of FTX.

On Feb. 21, North Korea’s Lazarus Group made off with $1.4 billion in Ether (ETH) and related tokens in a breach that initially sent chills throughout the entire crypto world but was quickly quelled as the industry rallied behind Bybit to manage the fallout.

Here’s a look at how the attack unfolded, how Bybit responded, and where the…