According to ShibDaily, the blockchain analytics firm Elliptic has published a public data channel that identifies wallet addresses associated with the North Korean hacker group Lazarus, suspected of orchestrating the $1.4 billion Bybit hack. In response, Bybit, a cryptocurrency exchange platform, has launched a blacklist wallet API and a rewards program to assist in the recovery of the stolen assets. Elliptic's data channel aims to minimize exposure to sanctioned wallets and prevent the laundering of illicit funds within the cryptocurrency community.
Elliptic reported that the wallet addresses linked to the Bybit hack were identified and made available for review within 30 minutes of the incident announcement. Elliptic's intelligence API has identified over 11,000 cryptocurrency wallets suspected of being connected to the hack, and the number is expected to increase as the investigation progresses. Bybit's CEO, Ben Zhou, expressed gratitude for Elliptic's support in tracking the stolen funds and announced a rewards initiative, urging the cryptocurrency community to help recover the assets allegedly stolen by the Lazarus Group. Zhou emphasized Bybit's commitment to combating malicious actors in the industry.
As the investigation into the Bybit hack continues, the platform has implemented measures to maintain platform stability and reassure users. Despite the significant security breach, Bybit has continued processing withdrawals, demonstrating its commitment to operational continuity. To maintain liquidity and avoid disruptions, the platform secured external funding through loans, allowing it to meet withdrawal demands while working to recover the stolen assets.