The incidents of cyber attacks and hacking are increasing in the world of cryptocurrency, where recently a big hack shook the crypto market. The Crypto Exchange bybit faced a cyber attack, stoleing ethereum (eth) of about $ 1.4 billion ($ 1.4 billion). The attack was carried out especially through a decentralized cross-chain Crypto Swap Protocol Thorchain. Bybit’s CEO, Ben Zhou, recently updated about the development and reported that about 20% of the hacked funds are unable to track completely completely.
Thorchain uses and washing process of funds
Hackers converted 417,348 eth (about $ 1 billion) stolen from Bybit Hack to Bitcoin (BTC) via Thorchain. According to the information, 83% Stolen Eth was converted into Bitcoin, which was stolen total Ethereum 72% of According to Ben Zhou, there was a huge increase in the activity of Thorchain during this theft, as the hackers used the platform to wash the Stolen Price Range. Using Thorchain, hackers obscured the condition of the crypto and converted the stolen funds into a new currency. This made it even more difficult to track funds. These converted funds through Thorchain also generated a fee of about $ 5.5 million.
Way ahead and tracking problems
Bybit’s CEO, Ben Zhou, made it clear on Twitter that 77% of the hacked funds can still be tracked, but about 20% of funds are now “dark”, that is, they are now out of any trekking system. In addition, 3% of funds have been freeze by various platforms, making it even more difficult to reach these funds. Zhou reported that about 79,655 eth (16%) and 40,233 eth (8%) have disappeared through platforms like EXCH and Okx. In such a situation, trekking and freeze of hacked funds has become even more challenging, especially when these funds are being sent through many exchanges and P2P channels.
Conclusion
Bybit hack Cryptocurrency exposes a large threat to the market, in which hackers tried to whitete the stolen funds using a decentralized protocol. Using platforms like Thorchain, hackers adopted effective methods to hide their identity, making the process of tracking and recovery complicated. However, experts from bybit and other exchanges are trying their best to find out these stolen funds and freeze them. This incident has cautious crypto investors that they need to be more vigilant to keep their investment secure.
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