The cryptocurrency exchange Bybit has successfully compensated for losses from one of the largest hacks in history, while the hackers continue to launder stolen funds through several platforms.
Bybit Restores Balance After Hack
Bybit CEO Ben Zhou announced that the company has fully closed the Ethereum gap following the hack. A new audited proof-of-reserves report is expected to confirm full backing of client assets. Bybit aims to regain user trust after the incident.
Lazarus Group Launders Stolen Funds
The notorious cybercrime unit Lazarus Group has commenced laundering funds stolen from Bybit. Blockchain intelligence firm Elliptic tracked over $140 million in Ethereum moving through transactions meant to erase digital fingerprints. The hackers converted stolen tokens into Ethereum using decentralized exchanges.
Exchange Refuses to Block Hackers’ Transactions
It has come to light that exchange eXch is involved in the laundering of stolen funds. Despite Bybit’s direct requests, eXch refuses to intervene, allowing Lazarus Group to continue transactions. This stance by eXch has garnered backlash from both Bybit and other analysts for not cooperating.
Bybit’s recovery from the hack showcases its efforts to ensure transparency and stability, but the laundering of funds persists, complicating the fight against cybercrime in the crypto sphere.
