A recent major hack on the crypto platform Bybit has left 77% of the stolen funds traceable. This incident raises significant concerns over crypto industry security.
Tracking the Stolen Funds
Bybit CEO Ben Zhou reported that 77% of the funds stolen in the major crypto hack remain traceable, while 20% have evaded tracking. The hack, attributed to the North Korea-linked Lazarus Group, took place in early March 2025. Lazarus is notorious for high-profile crypto heists, often exploiting smart contract vulnerabilities.
Crypto Market Reacts to Bybit Hack
The hack caused turmoil in crypto markets, sparking debates on security measures. Ethereum and Bitcoin prices rose by over 10% and 4% respectively since news broke, highlighting market instability. Crypto advocates call for better security protocols and rapid responses to suspicious activities. Arthur Hayes emphasizes the threat posed by sophisticated hacking tactics from groups like Lazarus.
Comparing to Ronin Network Theft
Experts compare this record-breaking hack to the 2022 Ronin Network theft. Both incidents stress the necessity for strengthened security following high-loss hacks linked to Lazarus. Analysts predict ongoing challenges in tracking and recovering funds, underscoring the need for global cooperation to deter such attacks and safeguard digital asset exchanges.
The Bybit breach highlights the critical need for robust security in the crypto industry. There is hope for improved global cooperation and security measures to protect future transactions and assets.
