The cryptocurrency world has been shaken by one of the largest hacks in its history, with Bybit, a prominent exchange, losing approximately $1.4 billion in Ether (ETH) to sophisticated cyber attackers. The breach, allegedly linked to North Korea's notorious Lazarus Group, has raised significant concerns about the security of digital assets and the challenges of tracing and recovering stolen funds in the decentralized crypto space.
The Hack: A Closer Look
Total Stolen Funds: The hackers managed to steal about 500,000 ETH, valued at around $1.4 billion at the time of the breach.
Untraceable Funds: Approximately $280 million of the stolen ETH has been laundered and is no longer traceable, highlighting the complex nature of cryptocurrency transactions.
Traceable Funds: Despite the challenges, about $1.07 billion, or 77% of the stolen funds, remain traceable, thanks to blockchain technology and collaboration with security firms.
Read More : https://onthenode.com/internet/crypto-under-siege-the-bybit-hack-and-the-quest-for-recovery
The Hack: A Closer Look
Total Stolen Funds: The hackers managed to steal about 500,000 ETH, valued at around $1.4 billion at the time of the breach.
Untraceable Funds: Approximately $280 million of the stolen ETH has been laundered and is no longer traceable, highlighting the complex nature of cryptocurrency transactions.
Traceable Funds: Despite the challenges, about $1.07 billion, or 77% of the stolen funds, remain traceable, thanks to blockchain technology and collaboration with security firms.
Read More : https://onthenode.com/internet/crypto-under-siege-the-bybit-hack-and-the-quest-for-recovery
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3 comments
Omg! Thats a very huge amount of money!!🤑 I hope the hacker would be apprehended 👊👊
this makes me angry. Not just the theft, -but how it adversely affects our common bottom line, and how it reinforces the view on the world that all crypto aspects are crimminal!
i agree, all the constant hacks and scams on Solana and eth make the industry look bad, both are garbage coins and networks the word wouldn't miss. They are vc back fcuk both them networks, and most of the hack happen on sol or eth network