key takeaways:
- The CEO shares fresh insight into Crypto Fund tracing.
- Most of the stolen property remains to be detected on blockchain trails.
- Criminals use mix services to hide funds.
- Recovery efforts involve coordinated work by security experts.
- The case invites a deep review of Digital Asset Security.
Bybit CEO Ben Jhou revealed on 20 March that 88.87% of the recently stolen $ 1.4 billion stolen in hack was detected about a month after the security violation.
He said that 7.59% of the money was dark, while 3.54% were frozen.
The update of Zhou follows the ongoing efforts to track and recover crypto assets stolen by blockchain security firms.
Bybit hack: latest developments on stolen funds
One in 20 March X Post,
This update comes after two weeks Preliminary report of bybitWhich claimed that 77% of the theft atherium was still detected.
Blockchain security firms, including Arkham Intelligence, have identified North Korea’s Lazarus Group as a potential criminal of the attack.
In the following weeks after the hack, the cyber criminal exchange of money in efforts to get out of trekking.
Lazarus Group Strategy and Crypto Recovery Efforts
Security analyst Report It took just 10 days for the Lazarus group for just 10 days to rob all stolen baibit funds through a decentralized cross-chain protocol thorchen.
Jhou said that 86.29% stolen fund – 440,091 equivalent to ETH (~ $ 1.23 billion) – converted to 12,836 BTC and spread to 9,117 purse.
To hide their tracks, the attackers were primarily dependent on the bitcoin mixer, including Wasabi, Cryptomics, Railguns, and Tornado Cash.
Despite these laundering strategies, efforts to detect and recover assets have continued in the Crypto industry.
Blockchain security experts hope that a portion of money can still be frozen and recovered.
Recovery efforts have united 12 separate organizations, including mental, parasawap and blockchain investigator ZachxBT.
We are freezing only 181k USDT with bybit hack.
It cannot be too much but it is an honest work.
We keep monitoring.
To Kudos @zachxbt– Paolo Edoino
(@paoloardoino) 22 February, 2025
Bybit’s dedicated website continues to monitor the wallet movements and provides updates to its users and investigators.
The exchange also promised a 10% reward on the funds successfully obtained by the White Hat Hackers and Blockchain investigators.
So far, Bounty Hunters have earned $ 2.2 million USDT to help him.
Bybit Case highlights the history of recovery of the theft fund of the crypto industry
The bybit case is not the first time the Crypto industry has raised the stolen funds to recover.
In 2023, Jump Crypto rebuilt $ 140 million in tokens after combating the Vermahole Protocol attacker.
Similarly, in early 2024, US government Over 2.6 million recovered Deribit and Lazarus Group on a digital casino are associated with hack.
A United Nations Panel later Informed Up to 40% of the stolen funds have been funny in weapons of North Korea’s collective destruction program.
The ongoing Cryptocurrency Hests of the Lazarus Group has raised global security concerns.
In September 2024, FBI warned About the group’s cyber strategy and a possible impact on the blockchain industry.
Frequently asked questions (FAQs)
Laser takes advantage of transparency and data analysis to follow the blockchain tracing fund transfer. Experts correspond to wallet activity with known institutions, create trails that indicate misuse and reveal money flow patterns.
By combining the funds from many users, it becomes difficult to trace the services by mixing the services in the jumble transaction paths. They disrupt clear fund trails, forcing analysts to rely on the pattern instead of direct links.
The incident deeply examines Digital Asset Safeguard. This inspires experts to refine trekking techniques and improve system checks, urge to closely look at policy, technology and collaborative oversight.
Post Bybit CEO Ben Zhou: 88% of theft is detected by $ 1.4 billion Appeared first Cryptonuse,
