Yigit Taha OZTURK 
Cryptocurrency exchange Bybit has intensified efforts to track and recover stolen funds after a massive $1.4 billion hack. In collaboration with blockchain analytics firms, investigations revealed over 11,000 wallets linked to North Korean hackers.
New Developments in the Bybit Hack
According to blockchain analytics firm Elliptic, the Lazarus Group, a North Korean hacking collective, has used 11,084 cryptocurrency wallets to launder stolen funds. The hackers are suspected of stealing funds from Bybit’s cold wallet. On February 25, Bybit CEO Ben Zhou announced a “war” against Lazarus Group.
You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!
To recover the stolen funds, Bybit has taken several steps, including the launch of a new blacklist wallet API and a reward system to track wallets and initiate legal action. Elliptic also released a public list of wallet addresses linked to North Korean hackers, helping the community avoid exposure to these addresses.
Elliptic and Bybit’s Collaboration
According to Elliptic’s data, all 11,084 wallets are associated with the Bybit hack. Data on these wallets became accessible within just 30 minutes, allowing Bybit users to continue trading without risking exposure to the stolen funds.
Bybit continues to work with blockchain security firm ZeroShadow to trace the stolen funds. ZeroShadow is tasked with identifying and freezing stolen assets from cold wallets.
Bybit Hack and Fund Transfers
According to blockchain analysis firm Chainalysis, the Bybit hack began with a phishing attack and later intercepted a routine transfer from Bybit‘s Ethereum cold wallet to a hot wallet. Stolen ETH was converted into Bitcoin and other cryptocurrencies and moved across different networks.
Despite the massive breach, Bybit kept withdrawals open to maintain platform stability and secured liquidity through external loans. On February 25, Bybit started repaying the stolen funds, transferring 40,000 ETH back to Bidget.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.