EddieJayonCrypto
5 Mar 25
The CEO of Bybit, Ben Zhou, has disclosed that the exchange is racing against time to recover $1.4 billion in crypto stolen by North Korean hackers. He stated that 20% of the stolen Ethereum has "gone dark," while 77% remains traceable, with only 3% successfully frozen. The hackers have emptied thei...
Bybit CEO Ben Zhou has revealed that the exchange is urgently working to recover $1.4 billion stolen by North Korean hackers. From the attack, 20% of the Ethereum has "gone dark," while 77% remains traceable and only 3% has been successfully frozen. The hackers have quickly reduced the stolen funds to $1,429 in just 10 days. Notably, 83% of the stolen funds have been converted to Bitcoin, primarily through THORChain. Additionally, 16% of the funds have vanished through the non-KYC trading platform eXch.
Bybit has initiated a robust bounty program to recover the stolen crypto, with a total of $2.17 million paid out to 11 bounty hunters so far. Despite these efforts, only a small fraction of the stolen funds has been recovered. Highlighting the urgency of the situation, Zhou emphasized the critical importance of freezing the funds before they are cleared through exchanges, over-the-counter, and peer-to-peer platforms. Bybit's aggressive stance against the state-sponsored hacking group, Lazarus, includes the declaration of a "war" on the group and the offering of a significant bounty program of up to $140 million. However, it's clear that the recovery of the stolen crypto remains an ongoing challenge.