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Bybit exchange has fallen victim to one of the largest cyberattacks to date. Cybercriminals have stolen hundreds of millions of dollars worth of cryptocurrency from the platform. While a significant portion of the stolen funds can be tracked, a notable amount has become untraceable. Authorities are continuing their efforts to trace and freeze the lost funds.
Traceability of Stolen Funds and Transfer Process
Blockchain analyses detail transfers made after the attack. Approximately 77% of the stolen funds remain traceable on the blockchain. However, around 20% of the funds have become untraceable. Out of the stolen funds, 417,348 ETH (about $1 billion) is trackable, while the fate of 79,655 ETH is unknown.
Cybercriminals transferred the funds across various platforms, with THORChain being one of the most utilized. Reports indicate that 361,255 ETH was attempted to be converted into different cryptocurrencies. The distribution occurred to 6,954 different wallets, and the extraordinary activity in swap transactions has drawn attention. Authorities are investigating off-exchange transactions and P2P transfers.
Who is Behind the Attack?
It has been reported that the group responsible for the attack is the Lazarus group, linked to North Korea. The hackers accessed systems through Bybit’s third-party wallet service, SafeWallet. They executed large-scale transfers by seizing developer devices.
This incident has once again raised concerns about the security measures of cryptocurrency exchanges. The exchange is acting swiftly to restore customer assets. While some of the stolen funds have been frozen, reports suggest that certain assets have changed hands through various exchanges and OTC platforms.
Bybit CEO Ben Zhou announced that a critical period for detecting and freezing the funds has begun. He indicated that clarity regarding transactions on exchanges, OTC, and P2P platforms is expected. It has been noted that among the stolen funds, 40,233 ETH has been transferred, while 23,553 ETH remains untraceable.
The attack has the potential to create significant fluctuations in the markets. Authorities are closely monitoring fund movements and the measures being taken. New steps are being evaluated to ensure the security of the cryptocurrency market.
