Bybit, a cryptocurrency exchange, collaborates with international platforms to recover stolen funds after a $1.5 billion cyberattack. Within two days, about $43 million was frozen on various exchanges.
Exchanges Collaborate to Freeze Assets
Bybit confirmed that $42.85 million were frozen as part of the recovery process. Decentralized exchange THORChain blacklisted wallets linked to the breach, with Coinex providing data aiding Bybit's investigation. ChangeNow froze 34 ETH, and Avalanche restricted 0.38755 BTC. FixedFloat froze stablecoins amounting to $120,000 in USDC and USDT.
Additional Risk Mitigation Measures
In response to the hack, Bybit enhanced user protection. Together with Pump.fun and Solana Foundation President Lily Lui, the exchange removed a related Solana token. Blockchain data indicated hackers used fake KYC documents for platform access.
Discussion Among Ethereum Community
Some Ethereum community members are considering a blockchain rollback to prevent the use of stolen funds. However, discussions are in early stages with no official decisions made yet.
Bybit's coordination with global platforms shows that collaborative efforts can effectively curb attacks and aid asset recovery. However, further developments will depend on community discussions and decisions.
