Bybit exchange has become the target of a significant cyberattack, resulting in the theft of hundreds of millions in cryptocurrency. While some of the stolen assets can be traced, a large portion has become impossible to track. Authorities are actively working to identify and secure the lost funds.
How Trackable Are the Stolen Assets?
An analysis of blockchain activity reveals that about 77% of the stolen funds can still be traced. Unfortunately, around 20% remains untraceable. Specifically, 417,348 ETH, valued at approximately $1 billion, is still trackable, while the status of 79,655 ETH is currently unknown.
Who Orchestrated This Cyber Heist?
The hacking group believed to be behind the attack is the Lazarus group, which has connections to North Korea. They gained access through Bybit’s third-party wallet service, SafeWallet, and executed large transactions by compromising developer devices.
This breach has intensified scrutiny regarding the security protocols of cryptocurrency exchanges. Bybit is taking swift action to safeguard customer assets. Although some of the stolen funds have been temporarily frozen, reports indicate that portions have already changed hands on various exchanges and OTC platforms.
- 77% of stolen funds are traceable on the blockchain.
- 417,348 ETH, valued at $1 billion, is still trackable.
- The Lazarus group has been identified as the perpetrators.
- Bybit is working to recover assets and implement stronger security measures.
Market fluctuations are anticipated due to this incident, and authorities are vigilantly observing fund movements along with preventive actions being adopted. New strategies are under consideration to bolster the security framework within the cryptocurrency sector.
