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’s $1.4 billion hack, the largest in crypto history, might have unexpected implications for Ethereum. As the exchange moves to recover, could this be a bullish catalyst for ETH?

Ben Zhou, Bybit's CEO, said that the hack had affected around 401,000 Ethereum and sparked a surge in withdrawal requests.