Stolen Cryptocurrency from Bybit Hack Mainly Remains Traceable, Revealed
In February, Bybit, a leading cryptocurrency exchange, fell victim to a massive cyberattack. The attack, linked to North Korea's Lazarus Group, has since become one of the most significant incidents in the crypto world.
The Lazarus Group, known for its sophisticated hacking techniques, is believed to have stolen a substantial amount of cryptocurrency tokens from Bybit. These tokens were then converted into Bitcoin, with 86.29% of the stolen assets amounting to 12,836 Bitcoin.
However, the hackers used Bitcoin mixers such as Wasabi, CryptoMixer, Railgun, and Tornado Cash to obscure the movement of the stolen funds. This has made 7.59% of the stolen funds untraceable.
Bybit has been actively seeking help to decode these mixer transactions. The exchange has welcomed more bounty hunters to assist in this endeavour, offering a 10% bounty on any recovered funds from the hack. So far, Bybit has received 5,012 bounty submissions over the past 30 days, with 63 of them deemed valid.
Investigators are tracking 11,000 wallets linked to Lazarus Group in the Bybit hack. Reports suggest that laundered assets from the hack were funneled to various peer-to-peer vendors, complicating efforts to track transactions.
The Lazarus Group is alleged to have laundered $1.5B of Bybit hack funds using THORChain DEX. This expansion of their crypto holdings has raised concerns about the growing cyber threat posed by state-sponsored hacking groups.
The attack has also reignited concerns over the use of stolen funds in financing illicit activities. Reports suggest that funds from such breaches may be used to finance weapons development programs.
Bybit CEO Ben Zhou disclosed that approximately $550,000 worth of Ethereum remains traceable from the Bybit hack. The dedicated website by Bybit tracks wallet activity and keeps users and investigators informed.
Despite the challenges, Bybit remains resilient. The attack has underscored the importance of robust cybersecurity measures in the rapidly evolving crypto landscape. As the investigation continues, the crypto community watches with bated breath, hoping for a resolution to this complex cyber puzzle.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Stopping Osteoporosis Treatment: Timeline Considerations
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
