"Bybit's $1.46B Ethereum Hack: North Korea's Lazarus Group Strikes Again"

Bybit's $1.46B Ethereum Hack, Crypto Losses, and TRUMP Coin Ban & MEME Act

Bybit, a leading cryptocurrency exchange, recently fell victim to a massive hack, resulting in the loss of approximately $1.46 billion worth of Ethereum. The FBI has linked the attack to North Korean-backed hacking groups, namely TraderTraitor and the Lazarus Group. These groups are known for distributing malware-laden cryptocurrency trading applications to gain unauthorized access to funds.

This hack is not an isolated incident, as Vitalik Buterin, the co-founder of Ethereum, has warned about significant cryptocurrency losses stemming from various factors. These include smart contract bugs, lost private keys, mismanagement, and even natural disasters like the Los Angeles fires. Users may also lose access to their funds due to software vulnerabilities, forgotten passwords, or failed device backups during upgrades.

In response to the increasing threats and hacking incidents in the crypto world, U.S. lawmakers are taking action. On February 27, House Democrats introduced the MEME Act, a bill aimed at restricting U.S. public officials and their close associates from engaging with digital assets. Sam Liccardo, who spearheaded the initiative, explained that the proposed legislation would prevent the president, vice president, and other high-ranking officials from issuing, endorsing, or approving securities, merchandise, or cryptocurrencies.

The TraderTraitor hackers are rapidly converting the stolen assets into Bitcoin and other cryptocurrencies, dispersing them across thousands of blockchain addresses before laundering them into fiat currency. This activity has contributed to the recent downtrend in Bitcoin's price, which has fallen to the $91,910 level as of press time. Crypto analyst Ali Martinez warns that if BTC bulls fail to hold the $93,700 support on a daily closing basis, it risks falling further to the next major support at $75,600.

The House of Democrats has presented the Meme Act to result in a TRUMP coin ban. Since its launch in January 2025, the TRUMP and MELANIA tokens have witnessed a dramatic collapse, with TRUMP plunging 82% and MELANIA dropping 93% from their all-time highs. These sharp declines have brought massive losses