Recently, a hacking attack by the North Korean group Lazarus led to Bybit losing at least $1.4 billion, sending shockwaves through the crypto industry.
Latest Tracking Updates
According to a post by Bybit CEO Ben Zhou, around 88.87% of the stolen $1.4 billion remain traceable. This indicates success in efforts to recover some lost funds. Initially, Bybit reported that only 77% of the stolen funds were traceable. Zhou mentions that 3.54% of the funds have been frozen, while over 7.59% remain untraceable. [Link](https://twitter.com/benbybit/status/1902635986259247207).
How Lazarus Launders Stolen Crypto
Arkham Intelligence initially identified the involvement of Lazarus Group in the Bybit hack. Experts noted that within ten days, all stolen funds were laundered through THORChain. Hackers also used Bitcoin mixers like Wasabi, CryptoMixer, Railgun, and Tornado Cash to cover their tracks.
Efforts to Recover Stolen Funds
The fund recovery efforts are led by about 12 organizations, including Mantle, Paraswap, and ZachXBT. To support this, Bybit launched a bounty program offering a 10% reward on recovered funds to ethical hackers and investigators. Over $2.2 million has already been paid as part of this program.
Bybit’s extensive hack highlights the growing security threats in the crypto space. While most funds remain traceable, the use of mixers and cross-chain swaps complicates recovery. Lazarus's activities raise broader security concerns, impacting global finance and security.
