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📝Bybit Hack Attack Update: Tracking, Controversies, and Responses
Yesterday, Bybit's CEO Ben Zhou revealed the latest developments regarding the hacking incident, with about 20% of the stolen funds flowing into the black market, 77% still traceable, and 3% frozen.
On February 21, Bybit was attacked by the notorious Lazarus Group, resulting in a loss of approximately $1.4 billion in cryptocurrency, including 400,000 ETH-related tokens and other assets.
Currently, the hackers are rapidly converting the stolen ETH tokens into Bitcoin and transferring them to multiple wallets. The key now is to stop the hackers from cashing out through multiple channels (such as exchanges, over-the-counter trading platforms, and peer-to-peer channels) in the coming weeks.
It is reported that the hackers primarily utilized the decentralized liquidity protocol THORChain for fund conversion, accounting for 72% of their trading activity, pushing its weekly trading volume to a historic high of over $4.5 billion, which has raised internal concerns about decentralized platforms facilitating illegal trades.
For instance, TCB, a core contributor to THORChain, announced their withdrawal due to concerns over money laundering risks, and some proposed suspending Ethereum-related trading on the platform, but no final consensus was reached.
Meanwhile, other cross-chain platforms responded quickly, with Chainflip choosing to suspend exchange services upon detecting hacker activity, and THORChain itself announced a new upgrade plan to prevent the continued influx of stolen funds.
Zhou also pointed out that a large amount of the stolen Ethereum is difficult to trace, such as $79,655 worth of Ethereum processed through the non-KYC exchange eXch, while another $100 million flowed through OKX's Web3 proxy address. Additionally, $65 million remains unaccounted for and is awaiting updates from OKX Web3. The FBI has also been involved in urging all parties to cut off Lazarus Group's access, describing the organization as involved in "the largest money heist in human history."
In summary, this hacking incident at Bybit serves as a wake-up call for the cryptocurrency industry, highlighting the vulnerabilities and controversies surrounding fund regulation on decentralized platforms, while also testing the ability of all parties to collaborate in crisis response. Moving forward, attention should be paid to the flow of stolen funds, platform security upgrades, and regulatory developments, with hopes that the industry can learn lessons and strengthen security measures to protect investors' assets.
#Bybit黑客攻击 #资金流向追踪 #THORChain #跨链平台
Yesterday, Bybit's CEO Ben Zhou revealed the latest developments regarding the hacking incident, with about 20% of the stolen funds flowing into the black market, 77% still traceable, and 3% frozen.
On February 21, Bybit was attacked by the notorious Lazarus Group, resulting in a loss of approximately $1.4 billion in cryptocurrency, including 400,000 ETH-related tokens and other assets.
Currently, the hackers are rapidly converting the stolen ETH tokens into Bitcoin and transferring them to multiple wallets. The key now is to stop the hackers from cashing out through multiple channels (such as exchanges, over-the-counter trading platforms, and peer-to-peer channels) in the coming weeks.
It is reported that the hackers primarily utilized the decentralized liquidity protocol THORChain for fund conversion, accounting for 72% of their trading activity, pushing its weekly trading volume to a historic high of over $4.5 billion, which has raised internal concerns about decentralized platforms facilitating illegal trades.
For instance, TCB, a core contributor to THORChain, announced their withdrawal due to concerns over money laundering risks, and some proposed suspending Ethereum-related trading on the platform, but no final consensus was reached.
Meanwhile, other cross-chain platforms responded quickly, with Chainflip choosing to suspend exchange services upon detecting hacker activity, and THORChain itself announced a new upgrade plan to prevent the continued influx of stolen funds.
Zhou also pointed out that a large amount of the stolen Ethereum is difficult to trace, such as $79,655 worth of Ethereum processed through the non-KYC exchange eXch, while another $100 million flowed through OKX's Web3 proxy address. Additionally, $65 million remains unaccounted for and is awaiting updates from OKX Web3. The FBI has also been involved in urging all parties to cut off Lazarus Group's access, describing the organization as involved in "the largest money heist in human history."
In summary, this hacking incident at Bybit serves as a wake-up call for the cryptocurrency industry, highlighting the vulnerabilities and controversies surrounding fund regulation on decentralized platforms, while also testing the ability of all parties to collaborate in crisis response. Moving forward, attention should be paid to the flow of stolen funds, platform security upgrades, and regulatory developments, with hopes that the industry can learn lessons and strengthen security measures to protect investors' assets.
#Bybit黑客攻击 #资金流向追踪 #THORChain #跨链平台
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