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20% of Stolen Bybit Funds ‘Gone Dark,’ Says CEO—Here’s How
The recent hacking incident involving Bybit, a cryptocurrency exchange, has led to the theft of over $1.4 billion worth of ETH and other assets. In an update provided by Bybit CEO Zhou, it has been revealed that approximately 20% of these stolen funds have gone “dark,” meaning they are no longer traceable.
Zhou emphasized that significant portions of the stolen ether have become untraceable, highlighting the challenges involved in recovering the stolen funds. This revelation adds to the growing concern about the potential risks associated with decentralized exchanges and cross-chain platforms.
In light of these events, Bybit CEO Zhou has also stated that some of the stolen funds were processed through a non-KYC exchange called eXch, which is not subject to know-your-customer (KYC) regulations. Furthermore, it was found that $100 million worth of ether flowed through OKX Web3 proxy.
The hacking incident has led the Lazarus Group, a well-known North Korean-backed hacker group, to be implicated in the theft. The FBI has urged exchanges and validators to cut off the Lazarus Group’s access due to their involvement in what is being referred to as the “biggest money heist in human history.”
This incident highlights the ongoing tension between maintaining decentralization principles and addressing practical risks related to unrestricted fund flows.
Source: https://bitcoinist.com/20-of-stolen-bybit-funds-gone-dark-says-ceo-heres/
