Ben Zhou, a BYBIT CEO, has recently confirmed that he has restored Ethereater Ethereum (Etherea) reserves in accordance with $ 1.4 billion in security violations.
On February 24’s post, ZHOU announced that it will soon announce an updated material proof report that shows that BYBIT will soon hold customer assets 1: 1.
He said.
“BYBIT has already completely closed the ETH difference, and the new thanksgiving report will be published soon, and BYBIT will return to 100% 1: 1 for customer assets through MERKLE TREE.”
ZHOU’s statement confirmed the report of Blockchain Analytics Firm Lovonchain. The company said it supplemented its reserves through loans from major encryption platforms, including BYBIT, which could not be purchased (OTC), whale deposits and binance, bitgets and HTX.
Lookonchain said that it purchased 157,660 ETHs worth 157,660 ETHs from investment companies such as Falconx and Wintermute through OTC transactions.
It also acquired $ 330 million more with ETH on centralized and distributed exchanges.
Fund recovery effort
The exchange may have closed the difference between the platform’s ETH, but it started the 10% bounty program and frozen the stolen funds to strengthen the recovery effort.
On February 22, Crypto Trading Platform began a bounty program that encourages ethical hackers and cyber security experts to support the recovery process.
The exchange has promised up to 10%of the recovered funds, and can provide $ 140 million if the total amount is recovered.
Zhou said:
“BYBIT started a bounty program on February 22, encouraging ethical hackers and cyber security experts to support the recovery process. The exchange has promised up to 10%of the recovered funds, and can provide $ 140 million if the total amount is recovered. ”
Meanwhile, BYBIT cooperated with various encryption platforms to freeze and restore the stolen assets.
So far, the exchange has successfully frozen about $ 43 million through partnerships with organizations such as Tether, Thorchain, Bitget, Changenow, Fixed Float, Avalanche, Circle, and CoinEx.
BYBIT Added:
“With quick behavior and effective adjustment, the Meth protocol team successfully recovered about $ 43 million 15,000 cmeth tokens.”
Laundry technology
But despite this recovery effort, the attackers began to wash their stolen funds.
The ellipse of the blockchain forensics said that it is very similar to the technology used by the NASARS, a cyber criminal organization that is notorious for washing methods.
According to the company, the hacker immediately switched to the stolen token to ETH through a decentralized exchange (DEX) to avoid freezing assets. This movement helped to bypass the limit that the publisher could impose a specific token.
Within 2 hours after the attack, the funds are spread in 50 wallets and each has about 10,000 ETHs. This wallet is currently being emptied systematically and more than 10% of the stolen assets are already moving.
ELLIPTIC continued to say that attackers have begun to convert ETH to Bitcoin using various trading services.
If the washing patterns of the past persist, the attacker will hide the activity by using a mixer like tornado cash. But the huge amount of stolen assets can complicate this process.
On the other hand, the whole chain investigator ZACHXBT also found that attackers tried to wash their funds using memo coins in Solana’s pump.
Blockchain Sleuth noted that one of the exploited wallets moved 60 sol to another address and made a token called Qinshihuang to record more than $ 26 million.
Solana Foundation and Pump.fun blocked and removed the tokens so that the attackers prevented more cash. BYBIT applauded quickly, and Crypto emphasized the importance of community -oriented security measures.
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