Bybit’s CEO Ben Zhou has recently released the detail update on social media giving information about platform hacked and stolen about 500,000 Eth. He said that more than 68% of the funds are still being traced from the stolen funds and more and more fund recovery efforts are on. Since hacking, bybit is constantly trying to develop Community Trust, recently Bybit did $ 250K prize praise instabing for traders Was.
Update after hacking
According to Zhou, hackers adopted several ways to protect the stolen crypto from trekking. He first transferred Eth to privacy mixers such as Wasabi, Twister Money and Railgun, making it difficult to identify transactions. The funds were then passed through thorchain like cross-chain bridge and swap platforms like EXCH, Stargate, Sunswap etc. so that tracking could be avoided by sending Eth on another blockchain.
The theft amount from Eth to BTC
According to Zhou, the largest part of the stolen amount was sent out of the Etreum network of about 432,748 eth (about $ 1.21 billion). Of these, 343,000 Eth was converted into 10,003 BTC and then divided into more than 35,000 different wallets. An average of 0.28 BTC was sent to each wallet so that it would be difficult to track any one wallet. Not only this, some BTC was again sent to Etreum i.e. cross-chain money laundering was made at all efforts.
Lazarus Bounty’s Bounty Hunting Program
After this cyber attack Bybit’s CEO Ben Zhou launched the Lazarusbounty platform Was. Whose results are now coming to the fore. This bounter pool was placed $ 140 million, of which $ 2.3 million has been given as pric money so far.
-
It works on 10% model, meaning 10% of traced funds will be given as price money. Out of which 5% funds will be given to the freeze and 5%, the fund will be given to the fund.
-
More than 5,400 reports have come in the last 60 days, but only 70 of them were found to be correct.
-
Currently only 12 active bounties are working on it.
Conclusion
This hack on Bybit raises questions on the security of the entire crypto industry, not just an exchange. Although the hackers tried to hide the stolen Ethi Ethi by dividing them into mixers, bridges and thousands of wallets, more than 68% funds are still tracking due to the transparency of the blockchain. Now the real issue is how to freeze and recover these funds. Initiatives like Lazarus Bounty show that hackers can be stopped with the help of community.
