Blockchain investigator ZachXBT has voiced serious concerns about cryptocurrency platforms ignoring transactions linked to North Korean hackers following the historic Bybit hack. According to him, many platforms fail to take adequate measures to freeze and recover stolen funds.
ZachXBT's Role in Hack Response Efforts
ZachXBT is actively involved in tracing and recovering funds after the Bybit hack. He claims that several decentralized protocols refuse to take responsibility for potentially facilitating money laundering. Within the LazarusBounty program, ZachXBT ranks third for contributing information that led to the freezing of $625,610 in assets.
Limited Recovery Progress
According to the program's dashboard, only 3.22% of the stolen money has been frozen. Although 89.96% of the stolen assets are currently being traced, the vast majority remain unrecovered. LazarusBounty data supports ZachXBT's criticism of slow industry response times in handling hacks.
Bybit Hack Highlights Industry Vulnerabilities
The Bybit hack attributed to North Korea's Lazarus Group has exposed fundamental weaknesses in the cryptocurrency ecosystem's defenses against financial crimes. Studies indicate this incident fits into a wider pattern of North Korean cyber activities aimed at funding nuclear programs. ZachXBT emphasized the need for stricter security measures and believes improvements are unlikely without regulatory intervention.
The Bybit incident highlighted the deficiencies of current mechanisms in protecting the crypto industry from hacks. ZachXBT suggests that more effective methods of combating money laundering and holding platforms accountable are needed.
