Bybit, the second-largest cryptocurrency exchange globally, has initiated a civil lawsuit against North Korea, its intelligence agency known as the Reconnaissance General Bureau (RGB), and the Lazarus Group, which is linked to the theft of $1.5 billion from the platform last year.
The lawsuit was filed in the U.S. District Court for the District of Columbia and has resulted in a preliminary injunction that freezes specific stolen assets. These assets are held by unidentified individuals and entities, referred to in the case as John Doe defendants, as revealed in a press release issued by Bybit.
The theft occurred on February 21, 2025, when the Lazarus Group executed what is considered the largest cryptocurrency heist to date, stealing around $1.5 billion in Ethereum (over 400,000 ETH and stETH) from Bybit, which is based in Dubai. This incident accounted for a significant portion of the $2.02 billion worth of cryptocurrency that North Korea allegedly stole that year. Overall, North Korean hackers have been reported to have stolen $6.75 billion in cryptocurrency, according to Chainalysis data, with much of it believed to be used to finance the nation’s weapons programs.
Bybit stated that the injunction aims to protect the identified stolen digital assets while the legal proceedings unfold, marking a significant step in their efforts to reclaim lost funds, support global law enforcement investigations, and enhance accountability for extensive cybercrimes. "Our focus has never changed: protect our users first, recover what we can, and make sure the people behind these attacks are held accountable," expressed Ben Zhou, co-founder and CEO of Bybit. He emphasized that the Lazarus attack was not just an assault on Bybit but on the trust within the entire industry, which is why they are collaborating closely with investigators, regulators, and law enforcement agencies, as well as the courts.
The injunction mandates that a federal judge has prohibited the involved parties from transferring or selling the assets in question while the litigation is ongoing. Bybit has indicated that it will seek additional judicial relief.
Additionally, the company noted that this civil suit is being pursued independently of ongoing criminal investigations by U.S. law enforcement agencies.