Bybit, a major cryptocurrency exchange, has confirmed it was the victim of a massive hack, resulting in the theft of approximately $1.5 billion worth of cryptocurrencies. This unprecedented heist is being described as the largest cryptocurrency theft in history. Analysts suggest the notorious Lazarus Group, linked to North Korea, may be behind the attack, raising alarms about the security of centralized crypto exchanges. The hack has caused significant market volatility, negatively impacting various cryptocurrencies including Bitcoin, XRP, and Dogecoin, with some analysts attributing the incident to potential deregulation in the industry. In the aftermath, prominent figures in the crypto space have proposed solutions such as rolling back transactions on the Ethereum network to mitigate the effects of the hack. As confidence in cryptocurrency security wanes, Bybit has faced substantial outflows, and calls for enhanced security measures across the sector are becoming increasingly urgent.