February witnessed the biggest crypto heist. Bybit hacker laundered stolen funds, but experts see potential for partial recovery.
Details of Bybit Hack
On February 21, Bybit was hacked, losing over $1.4 billion in various cryptocurrencies, including STETH and mETH. The hacker moved 500,000 ETH ($1.04 billion) using the THORChain protocol, as reported by Lookonchain.
Hope for Fund Recovery
Despite laundering complexities, firms like Cyvers are working on freezing and recovering part of the funds using AI-driven models and cooperation with exchanges and regulators.
New Security Solutions
Security firms like Cyvers are developing preventive measures against future attacks. An emerging solution, offchain transaction validation, could prevent 99% of hacks.
The Bybit hack exposes vulnerabilities in crypto platforms, but also drives the development of more effective security measures. Recovery of some funds is still possible through combined security efforts and technology.
