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

The crypto industry is rallying to recover funds stolen in the $1.5 billion Bybit hack, with exchanges freezing nearly $43 million just two days after the attack.

Bybit, one of the world’s largest cryptocurrency exchanges, experienced a hack Friday in which over $1.4 billion worth of crypto was stolen, according to blockchain-analytics firms. It’s the latest incident for an industry struggling with security concerns that present hurdles to mainstream adoption.

Bybit experienced a significant security breach, marking one of the largest hacks in cryptocurrency history. Hackers infiltrated one of Bybit’s Ethereum (ETH) cold wallets, stealing approximately 401,

Crypto exchange Bybit said it was hacked, resulting in what analysts estimate was the loss of almost $1.5 billion worth of tokens in the biggest theft ever committed in the industry. Researchers believe North Korean hackers were likely responsible.

In a Feb. 22 post to his investigations Telegram group, onchain sleuth ZachXBT said that eXch laundered $35 million of the funds stolen by North Korea’s Lazarus Group from Bybit and then accidentally sent 34 Ether ( ETH) with $96,000 to a hot wallet of another exchange.

Analysts believe the attack is connected to North Korea's Lazarus Group, a state-sponsored hacking collective infamous for stealing billions from the cryptocurrency sector. Per Ben Zhou, CEO of Bybit,