Key Takeaways
- Bybit misplaced $1.4 billion within the largest Bitcoin-related theft.
- The hacker laundered 100% of the funds utilizing THORChain.
- Bybit CEO confirmed 77% of the funds stay traceable.
On Feb. 21, Bybit suffered the most important Bitcoin-related theft in historical past, shedding over $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and different ERC-20 tokens.
The hacker moved all 500,000 stolen Ether (ETH), now value $1.04 billion, primarily utilizing the decentralized cross-chain protocol THORChain, in response to blockchain safety agency Lookonchain.
North Korea’s Lazarus Group linked to assault
A number of blockchain analytics corporations, together with Arkham Intelligence, have recognized North Korea’s Lazarus Group as the primary perpetrator of the assault.
This follows South Korean sanctions in opposition to 15 North Koreans for allegedly utilizing cyber theft to fund the nation’s nuclear weapons program.
Some stolen funds should still be recovered
Regardless of laundering makes an attempt, Bybit CEO Ben Zhou confirmed on March 4 that 77% of the funds stay traceable, although over $280 million has change into untraceable.
About 3% of the funds have been frozen.
Cybersecurity corporations, together with Cyvers, are engaged on restoration efforts.
Co-founder Deddy Lavid famous that whereas mixers and cross-chain swaps complicate restoration, AI-driven fashions and collaboration with exchanges might assist hint and freeze belongings.
Bybit changed the stolen $1.4 billion inside three days and continues to course of buyer withdrawals.