Bybit CEO Ben Zhou reported significant progress in recovering funds stolen in a major hack, with a large portion of the $1.4 billion now trackable. The recovery showcases the challenges faced by cryptocurrency exchanges in ensuring security.
Bybit Recovers 88.87% of Stolen $1.4 Billion
Bybit's CEO Ben Zhou announced that 88.87% of the hacked funds are traceable, with 86.29% already converted into 12,836 BTC. The hack involved nearly 500,000 ETH, with 7.59% considered lost and 3.54% frozen. Zhou has called for more bounty hunters to help decode mixers, stating, 'In the past 30 days, 5012 bounty reports were received of which 63 were valid bounty reports. We welcome more reports, we need more bounty hunters that can decode mixers as we need a lot of help there down the road.'
Exchanges Freeze $43.7M in Response to Bybit Hack
The hack's immediate market impact saw a slight drop in Ethereum and Bitcoin prices. Bybit's proactive recovery measures demonstrate increased exchange diligence during security breaches. Law enforcement and major exchanges like Binance have intervened, freezing $43.7M linked to the hack. The FBI attributes the incident to North Korea's Lazarus Group.
Largest Crypto Hack: Bybit Surpasses Poly Network
This incident now ranks as the largest cryptocurrency hack, surpassing the 2021 Poly Network breach. Experts note the unprecedented scale and speed of fund transfer post-hack. Changpeng Zhao (CZ) of Binance emphasizes that collaborative efforts with law enforcement are crucial in recovering lost funds. Historical trends suggest sustained recovery will require complex cross-border cooperation.
The Bybit hack illustrates the significant security challenges facing cryptocurrency exchanges, but active measures and international cooperation in investigations may hold the key to successful fund recovery.
