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Bybit’s $1.5B Hack: North Korea’s Lazarus to Blame?

Dubai-based crypto exchange Bybit has confirmed the theft of roughly $1.5 billion in Ethereum, with some analysts pointing to the notorious North Korean hacking collective, Lazarus Group, as the prime suspect.

Bybit, who described the incident as the “worst hack in history,” discovered the breach during what was referred to as a routine transfer of Ethereum from an offline cold wallet to a warm wallet. According to Bybit’s co-founder and CEO, Ben Zhou, hackers successfully gained control of the wallet and moved its contents to an unknown address before any preventative measures could be taken.

“Bybit is solvent even if this hack loss is not recovered, all of clients’ assets are 1 to 1 backed,” Zhou posted on social media platform X.

You can read more on the matter here.

What’s going on?

• Musk’s Federal Worker Ultimatum Backfires as Agencies Assert Authority (theDeepDive)

• Thousands sign petition asking government to remove Elon Musk's Canadian citizenship (CBC)

• Elon Musk’s Federal Deals Spark Conflict-of-Interest Fury (theDeepDive)

• Online marketplace Temu to launch program allowing Canadian businesses to sell through platform (Globe)

• Canadians’ Economic Mood Is Worst Since 2020 After Trade Threats (Bloomberg)

• Bad Credit? This Company Says Your Car Could Be Your Credit Card (theDeepDive)

• U.S. to Hit Chinese Ships With Hefty Port Fees (WSJ)

• US Court Rejects Tesla’s Bid to Block Battery Technology Sales (theDeepDive)

• US manufacturers see higher metal prices as tariffs near (Reuters)

What’s the latest?

• Treasury: The 10-year U.S. Treasury yield fell by 2.7 basis points to 4.393%, while the 2-year yield dropped 0.9 basis points to 4.183%. Investors are watching key economic reports this week, including GDP growth data on Thursday and the Fed’s preferred inflation gauge, the PCE index, on Friday. Fed Chair Jerome Powell signaled a cautious stance on rate cuts after a higher-than-expected January CPI, with markets expecting rates to stay steady until summer.

• Apple: Apple announced a $500 billion U.S. investment over four years, adding 20,000 jobs, expanding AI server production in Houston, and increasing data center capacity in multiple states. This marks a $39 billion increase over previous plans and aligns with efforts to avoid Trump’s proposed 10% tariffs on China imports. Apple and Foxconn will begin producing Private Cloud Compute servers in Houston, though M-series chips remain manufactured in Taiwan. Apple’s stock fell 1.5% in pre-market trading following the announcement.

• Microsoft: Microsoft is canceling leases for "a couple of hundred megawatts" of U.S. data center capacity, potentially signaling concerns about AI overcapacity, according to TD Cowen. The company still plans to spend $80 billion on AI infrastructure this fiscal year but is redirecting some international spending to the U.S. Microsoft’s evolving partnership with OpenAI, which is now working with other providers like Oracle, may reduce its need for exclusive data center investments.

• Layoffs: Starbucks is laying off 1,100 corporate employees globally, with affected staff notified by Tuesday, as CEO Brian Niccol streamlines operations. The company is also eliminating several hundred unfilled positions to reduce complexity and improve efficiency. Starbucks' global same-store sales declined 2% in fiscal 2024, with U.S. customers reacting to price hikes and long wait times, while competition intensified in China. Niccol is also cutting menu items and adjusting ordering algorithms to enhance service.

• Energy: National Grid Plc is selling its U.S. onshore renewables business to Brookfield Asset Management for $1.7 billion, as part of a £6.8 billion ($8.6 billion) capital raise. The deal includes 1.8 GW of operational renewable assets and 1.3 GW under construction, expected to close by March 2026. Brookfield continues expanding in renewable energy, following a £1.75 billion UK offshore wind investment last year. National Grid retains its U.S. power and gas networks serving 20 million people and its offshore wind joint venture with RWE AG.

How banks are hiding Canada's real estate collapse

The stock market and stuff

• Lundin Gold Hits 173.98 g/t Gold Over 8.45 Metres (theDeepDive)

• One-time market favorite Palantir drops 9% on Monday and is now down nearly 30% from high (CNBC)

• Apple announces plans to create 20,000 US jobs in pitch to Donald Trump (FT)

• Equinox Gold To Acquire Calibre Mining At Discount To Market (theDeepDive)

In the juniors

• Gran Tierra Posts Net Income In 2024 But Q4 Suffers Huge Net Loss (theDeepDive)

• Ivanhoe Mines Announces Makoko Discovery Extended to over 13 Kilometres of Strike Length (JMN)

• FPX Nickel Outlines $445 Million NPV For Nickel Sulphate Refinery (theDeepDive)

FULL DISCLOSURE: Rua Gold is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Rua Gold on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.