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On February 21, a significant cyberattack on Bybit resulted in the theft of 499,000 Ether, with 62,200 Ether transferred to North Korea’s Lazarus Group on March 1. The total value of the theft is recorded at $1.4 billion, raising alarms within the cryptocurrency market.
Details of the Transfers
Investigations indicate that approximately 68.7% of the stolen Ether has been moved, an increase from the previous rate of 54%. Experts predict that the remaining 156,500 Ether is likely to be transferred soon.
EmberCN: “343,000 Ether has been transferred; the remaining funds are expected to be moved within the next three days.”
FBI and Crypto Monitoring Efforts
The FBI has publicly shared 51 Ethereum 
$2,533 addresses linked to individuals involved in the attack, while blockchain analysis firms Elliptic and Chainalysis are investigating over 11,000 wallets. Some of the stolen Ether has been converted into Bitcoin 
$103,168, Dai, and other asset types through decentralized platforms and instant exchange services.
The developments reflect increasing collaboration among international authorities and officials within the crypto sector aimed at addressing security challenges.
Due to transactions occurring through decentralized protocols, criticism has been directed towards THORChain developers. Notably, a contributor named Pluto announced their withdrawal of support following a reversal of a vote.
Pluto: “We can no longer continue our contributions after the vote was rescinded.”
Additionally, THORChain founder John-Paul Thorbjornsen stated that he is not involved with the protocol and that the restricted wallet addresses have no connection with THORChain.
John-Paul Thorbjornsen: “The restricted addresses listed have not interacted with the protocol.”
The monitoring of cryptocurrency transfers highlights the need for enhanced security measures in the sector. Regulatory bodies and experts believe the long-term impacts of such incidents will significantly affect the market. The increase in transfer activity indicates ongoing efforts to reclaim stolen funds, while the details surrounding the incident will continue to provide crucial data for market security.
