The share of the lion of the pirated appeal funds is still traceable after the historic cyber-vol, while the blockchain investigators are continuing their efforts to freeze and recover these funds.
The cryptography industry was shaken by the greatest hacking in history on February 21, when Bybit lost more than $ 1.4 billion in liquid ether (STETH), Mantle ETH (METH) and other digital assets.
Blockchain security companies, including Arkham Intelligence, identified the Lazarus group of North Korea as the probable culprit behind the feat of Bybit, while the attackers continued to exchange the funds in order to make them untraceable.
Despite the efforts of the Lazare group, more than 88% of the $ 1.4 billion stolen remain traceable, according to Ben Zhou, co-founder and CEO of Bybit Exchange.
The CEO wrote in a March 20 job::
“Total hacked funds of 1.4 billion USD around 500,000 ETH. 88.87% remain traceable, 7.59% became dark, 3.54% have been frozen. ”
“86.29% (440,091 ETH, ~ 1.23 billion dollars) were converted to 12,836 BTC on 9,117 portfolios (on average 1.41 BTC each),” said the CEO, adding that the funds were mainly channeled via Bitcoin mixers (BTC), including funds, cryptomixators, And the Tornado Cash.
Source: Ben Zhou
The CEO update comes almost a month after the piracy of the scholarship. It took 10 days to the Lazare group to whiten 100% of the surveys stolen by the decentralized crosschain protocol, Cointelegraph reported on March 4.
However, blockchain security experts hope that part of these funds can be frozen and recovered by the appeal.
In relation: Can Ether can recover over $ 3,000 after a massive hack of $ 1.4 billion by Bybit?
The cryptographic industry needs more “bonuse hunters” in blockchain and white hat, or ethical pirates, to fight against the growing illicit activity of North Korean actors.
The decoding of transaction models via cryptocurrency mixers remains the greatest challenge in tracing these funds, wrote the CEO of Bybit, adding:
“In the past 30 days, 50,12 bonuse reports have been received, 63 of which were valid bonuse reports. We are delighted with more reports, we need more premium hunters who can decode the mixers because we need a lot of help there on the road. ”
Bybit paid $ 2.2 million for Lazarus’ “bonus hunters”
Bybit has allocated more than $ 2.2 million in funds to 12 bonus hunters for relevant information that could lead to the frost of the funds, according to In Lazarusbounty, a website dedicated to monitoring by BYBIT bonuses.
The exchange offers 10% of the funds recovered as a bonus for white hats pirates and investigators.
BOUNT BOUNTY payment details for piracy linked to Lazarus. Source: Lazarusboundy
In relation: Bybit exploits exposes security defects in centralized cryptography exchanges
Bybit’s attack points out that even centralized exchanges with solid security measures remain vulnerable to sophisticated cyber attacks, according to analysts.
“This incident is another brutal reminder that even the strongest security measures can be canceled by a human error,” said Lucien Bourdon, analyst at Trezor, at Cointelegraph.
Bourdon explained that the attackers used a sophisticated social engineering technique, deceiving the signatories to approve a malicious transaction which drained the crypto of one of the cold wallets of Bybit.
Bybit’s hacking is more than double the size of the hack of $ 600 million in a poly network in August 2021, making it the largest crypto exchange violation to date.
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