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Massive 120,000 ETH Withdrawal Stuns Bybit Exchange, Here’s What’s Happening
Bybit has recently been stunned by a massive withdrawal of approximately 120,000 Ethereum (ETH), with the exchange revealing that an alarming 86.29% of the stolen funds have already been converted into Bitcoin (BTC). According to CEO statements, this translates to roughly 440,000 ETH being exchanged for around 12,836 BTC, which has been dispersed across nearly 10,000 wallets.
Each wallet now contains approximately 1.41 BTC, posing a significant challenge for Bybit’s team as they strive to decode transactions made through crypto mixer platforms used by the hackers. These mixers include Wasbi, CryptoMixer, Railgun, and TornadoCash. Following these mixers, the cryptocurrency will flow into various peer-to-peer (p2p) vendors.
To tackle this massive heist, Bybit has launched a bounty program, promising to reward 10% of the stolen funds to anyone who can assist in retrieving the lost ETH. This endeavor is significant not only for Bybit but also for the entire cryptocurrency community as they work together to combat theft and promote transparency within the space.
So far, the exchange has received an astonishing 5,012 bounty reports, though a mere 63 of these have proven to be valid.
Source: https://u.today/massive-120000-eth-withdrawal-stuns-bybit-exchange-heres-whats-happening
