BYBIT EXPOITER washes 100%of theft’s funds after preparing the biggest hack in cryptocurrency history, but some loot can still be restored by blockchain security experts.
On February 21, BYBIT was hacked with more than $ 1.4 billion liquid steak ether, mantle steak ETH and other ERC-20 tokens, causing the largest encryption stolen in history.
The hacker later moved all 500,000 stolen ethers (ETH), and the blockchain security company LockonChain reported on X on March 4 through the $ 10.4 billion, mainly distributed crosschain protocol Thorchain.
“#Bybit hackers have washed 499,395 $ eth (now $ 1.04B) stolen through #Thoorchain.”
source: Lookonchain
The North Korean Lazarus Group has shifted its stolen proceeds despite the fact that it was confirmed as a major cause of attacks by several blockchain analysts, including Arkham Intelligence.
The news is two months after the South Korean authorities sanctioned 15 North Korea, which is known to have created a fund for North Korea’s nuclear weapons development programs through cryptocurrency waist and cyber stolen.
Nevertheless, blockchain security experts hope that the small part of this fund will be frozen and restored by bybit.
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Some of BYBIT’s theft can be recovered
According to DEDDY LAVID, co -founder and CEO of blockchain security firm CYVERS, some of the laundry funds can still be tracked despite asset swaps.
“While the washing through the mixer and cross chain swap, the cyber security company utilizes all chain intelligence and AI drive models, and cooperation with exchange and regulators still has a small opportunity to track assets and freeze.”
“If the funds are severely obfuscated, fast response is the key. Recovery becomes much harder. Mainly stolen funds are mainly before or in the middle of hacking. ”
On March 4, Ben Zhou, the CEO of BYBIT confirmed that about 77%of the funds were tracked, but the $ 280 million of the stolen funds was “darker.”
BYBIT continued to respect the withdrawal of the customer and was stolen $ 1.4 billion in Ether until February 24, three days after the attack.
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Encryption security firms such as CYVERS are taking preemptive measures to fight future attacks.
The new solution known as the offchain transaction value can prevent 99%of all encryption hacking and fraud by preemptively simulating and verifying blockchain transactions in the offChain environment, Cyvers’ GTM Strategy Vice President Michael Pearl I spoke to Cointelegraph.
https://www.youtube.com/watch?v=tvmmmj6rrR4SO
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