A major cyber incident on February 21 has rocked the cryptocurrency world, as 499,000 Ether were unlawfully siphoned from Bybit. Among them, 62,200 Ether were swiftly routed to North Korea’s infamous Lazarus Group by March 1, marking a staggering $1.4 billion loss for the crypto sector.
What Are the Transfer Details?
Recent investigations reveal that about 68.7% of the stolen Ether has already been shifted, up from 54%. Experts speculate that the remaining 156,500 Ether may soon be on the move as well.
EmberCN stated: “343,000 Ether has been transferred; the remaining funds are expected to be moved within the next three days.”
Are Authorities Taking Action?
The FBI has identified 51 Ethereum addresses linked to the cyberattack perpetrators, with blockchain firms Elliptic and Chainalysis tracking over 11,000 wallets. Some of the pilfered Ether has been converted into Bitcoin, Dai, and various other assets via decentralized exchanges.
This alarming trend showcases enhanced cooperation between international authorities and the cryptocurrency industry to tackle security risks. However, THORChain developers face scrutiny as transactions flowed through decentralized platforms. Notably, a contributor named Pluto has withdrawn support due to a reversed vote.
In addition, THORChain founder John-Paul Thorbjornsen clarified his non-involvement with the protocol, stating that the restricted addresses have not interacted with THORChain.
- The FBI has disclosed 51 Ethereum addresses tied to the attackers.
- Over 11,000 wallets are under investigation by blockchain analysis firms.
- Transactions have included conversions into Bitcoin and Dai.
- Ongoing monitoring emphasizes the necessity for tighter security protocols in crypto.
- Increased transfer activity reflects attempts to recover the stolen funds.
The ongoing investigation presents a critical opportunity for the cryptocurrency market to bolster its security frameworks. As these developments unfold, the impact on market confidence and regulatory responses will be keenly observed by stakeholders across the industry.
