Bybit Hack Recovery: Progress in $1.4B Fund Recovery Efforts
Bybit’s CEO Ben Zhou reported progress in recovering $1.4 billion hacked funds, with 88.87% traceable and 7.59% lost.
The recovery of funds stolen from Bybit indicates extensive tracking capacity, highlighting the ongoing challenges in securing cryptocurrency exchanges.
Bybit Recovers 88.87% of Stolen $1.4 Billion
Bybit’s CEO Ben Zhou announced significant progress in fund recovery efforts, highlighting that 88.87% of the hacked $1.4 billion remains traceable. Of these funds, 86.29% have already been converted into 12,836 BTC.
The hack involved nearly 500,000 ETH, with 7.59% considered lost and 3.54% frozen. Among efforts to enhance recovery, Zhou has called for more bounty hunters to aid in decoding mixers for better recovery. He stated, “In the past 30 days, 5012 bounty reports were received of which 63 were valid bounty reports. We welcome more reports, we need more bounty hunters that can decode mixers as we need a lot of help there down the road.” Bybit Exchange Hack Insights
Exchanges Freeze $43.7M in Response to Bybit Hack
The hack’s immediate market impact saw Ethereum and Bitcoin prices dropping slightly. Bybit’s proactive recovery measures demonstrate increased exchange diligence during security breaches.
Law enforcement and major exchanges like Binance have stepped in, freezing $43.7M linked to the hack. The FBI attributes the incident to North Korea’s Lazarus Group.
Largest Crypto Hack: Bybit Surpasses Poly Network
This incident now ranks as the largest cryptocurrency hack, surpassing the 2021 Poly Network breach. Experts note the unprecedented scale and speed of the fund transfer post-hack.
Changpeng Zhao (CZ) of Binance emphasizes that collaborative efforts with law enforcement are crucial in recovering lost funds. Historical trends suggest sustained recovery will require complex cross-border cooperation. Bybit Heist and U.S. Crypto Regulation
