Bybit’s CEO, Ben Zhou, reported that hackers stole $1.4 billion in cryptocurrency, with 77% traceable, 20% lost, and 3% frozen. Significant amounts were laundered through platforms like THORChain, while ongoing efforts to freeze funds have led to nearly $2.2 million paid to bounty hunters for assistance. The coming weeks are critical for recovering stolen assets before they are fully anonymized.
about Bybit CEO Reports on Progress in Recovering Stolen 1.4 Billion Dollars in CryptoExchange Bankshares, Inc.
0 in Finance and 0 in Crypto last weekBybit CEO Reports 20 Percent of Stolen Funds Are Untraceable
Bybit CEO Ben Zhou revealed that 20% of the $1.4 billion stolen in a recent hack has become untraceable after being laundered, while approximately $1.07 billion remains trackable. Investigators have managed to freeze $42 million, and efforts continue to recover the remaining funds, with critical actions expected in the coming weeks to prevent further cash-outs by the hackers. Zhou noted that the attackers primarily utilized decentralized exchanges like THORChain to launder the stolen assets.
about Bybit CEO Reports 20 Percent of Stolen Funds Are UntraceableBybit Hackers Launder 335 Million Dollars in Ethereum with Ease
Hackers linked to North Korea’s Lazarus Group have laundered $335 million in Ethereum after breaching Bybit’s cold wallet, stealing $1.4 billion. In just 24 hours, they moved $113 million, with experts warning that the remaining $900 million could be cleaned up in under two weeks, highlighting significant vulnerabilities in the crypto industry.
about Bybit Hackers Launder 335 Million Dollars in Ethereum with EaseLazarus Group Launders Stolen Funds Through eXch After Bybit Hack
The Lazarus Group has laundered over $75 million in stolen crypto from Bybit’s record $1.5 billion hack through the exchange eXch, known for facilitating anonymous transactions. Despite Bybit’s requests to block these activities, eXch claims to have processed only an “insignificant” portion of the funds. Meanwhile, Bybit has restored a 1:1 backing on all client assets following the incident.
about Lazarus Group Launders Stolen Funds Through eXch After Bybit HackBybit Hacker Converts Stolen Funds to DAI Through Decentralized Exchanges
The Bybit hacker has converted $3.64 million in stolen Ether into DAI through decentralized exchanges, exploiting the stablecoin’s lack of a freeze function. The funds have been split across multiple addresses, with some deposited into the non-KYC exchange eXch, which refuses to freeze the hacked assets. Investigators link the hack to the North Korean Lazarus group, with allegations that eXch may have laundered around $30 million for the attackers.
about Bybit Hacker Converts Stolen Funds to DAI Through Decentralized ExchangesPumpFun Delists Tokens Linked to Bybit Hacker’s Laundering Scheme
PumpFun has removed tokens linked to the Bybit hacker after uncovering their use in laundering stolen funds through rapid memecoin trading. The hacker, associated with the Lazarus group, launched the memecoin ‘QinShihuang,’ generating $26 million in trades within three hours. This incident highlights ongoing challenges in the crypto space regarding illicit activities and regulatory pressures.
about PumpFun Delists Tokens Linked to Bybit Hacker's Laundering SchemeBybit Hackers Likely to Launder Stolen Funds Through Crypto Mixers
The Bybit crypto exchange suffered a historic $1.46 billion hack attributed to North Korea’s Lazarus Group, with stolen funds likely to be laundered through mixers. Blockchain security firm Elliptic noted that the laundering process involves multiple steps, including moving assets through various wallets and exchanges. Bybit’s CEO announced that the exchange has fully replaced the stolen Ether and plans to release an audited proof-of-reserve report soon.
about Bybit Hackers Likely to Launder Stolen Funds Through Crypto MixerseXch Denies Money Laundering Allegations Linked to Bybit Hack
Crypto exchange eXch has denied allegations of laundering funds for North Korea’s Lazarus Group following a $1.4 billion hack of Bybit. While eXch acknowledged processing a small portion of the stolen funds, it claimed all operations remain unaffected and criticized Bybit for past issues with user fund freezes. Bybit has reportedly frozen over $42 million of the stolen assets but faces resistance from eXch in its recovery efforts.
about eXch Denies Money Laundering Allegations Linked to Bybit HackNorth Korean Hackers Launder Over 1.4 Billion Dollars in Bybit Theft
North Korea’s Lazarus Group has been linked to a $1.4 billion hack of crypto exchange Bybit, marking the largest theft in crypto history. Following the attack, over $140 million in stolen assets are being laundered through anonymous exchanges, complicating recovery efforts. Bybit is facing massive withdrawals, with its Bitcoin balance dropping significantly as users react to the breach.
about North Korean Hackers Launder Over 1.4 Billion Dollars in Bybit TheftChallenges in Reversing Bybit Hack Highlight Limitations of Ethereum Network
An Ethereum developer explained the challenges of reversing the $1.4 billion Bybit hack, noting that the theft involved legitimate-looking transactions through a compromised multisig interface, making intervention technically unfeasible. Unlike past incidents, the complexity of modern cryptocurrency infrastructure and the rapid movement of stolen funds through mixing services complicate recovery efforts. Additionally, previous proposals for irregular state changes faced strong opposition due to concerns over centralization and precedent.
about Challenges in Reversing Bybit Hack Highlight Limitations of Ethereum Network