Apr 21, 10:32 AM

Bybit CEO Reports $1.4 Billion Hack Including 500,000 ETH; 28% Gone Dark via Wasabi Mixer, 3.84% Frozen

Bybit, a cryptocurrency exchange, suffered a hack resulting in the theft of approximately $1.4 billion worth of crypto assets, including around 500,000 ETH. According to Ben Zhou, Bybit's CEO, about 68.57% of the stolen funds remain traceable, 27.59% have become untraceable or "gone dark," and 3.84% have been frozen. The untraceable portion of the stolen assets has primarily been moved through mixers, with the Wasabi mixer notably used by the North Korean-linked Lazarus Group. These funds have subsequently flowed through bridges to peer-to-peer (P2P) and over-the-counter (OTC) platforms. Bybit has taken steps to freeze some of the hacked crypto and is seeking community assistance to trace and recover the missing funds. The hack has involved complex movement across more than 35,000 wallets, and the incident is considered one of the largest cryptocurrency thefts to date.

#Bybit #Ben Zhou #Wasabi #North Korean #Lazarus Group

Written with ChatGPT (GPT-4).

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