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Bybit CEO: Over $960 Million in Stolen ETH Converted to Bitcoin
In a recent update, Bybit’s CEO has revealed shocking details regarding the theft of approximately $1.4 billion worth of Ether (ETH). The Lazarus Group, a state-sponsored threat actor, exploited Bybit’s cold wallet to steal this massive amount.
According to the report, the majority of the stolen ETH – 432,748 units, equivalent to $960 million – was converted into Bitcoin through THORChain. This represents around 84.5% of the total stolen funds. It is disheartening to see that such a significant portion of the assets has been laundered and concealed.
The Lazarus Group demonstrated its expertise in cryptocurrency transactions by using privacy tools like Wasabi Mixer, CryptoMixer, Tornado Cash, Railgun, eXch, Stargate, LI.FI, Lombard, SunSwap, and THORChain to obscure the flow of stolen assets. This complex network of services made it difficult for Bybit’s security team to trace and recover the funds.
It is crucial that skilled bounty hunters join forces with investigators and the wider crypto community to track down and recover these stolen assets. Unfortunately, only 70 out of 5,443 bounty reports were validated in 60 days, yielding a total payout of $2.3 million to 12 bounty hunters.
The Bybit CEO emphasized the importance of working together to combat such malicious activities. It is heartening to see the company’s commitment to collaborating with other stakeholders and law enforcement agencies to address this issue.
It is essential for cryptocurrency exchanges like Bybit to strengthen their security measures against future attacks by the Lazarus Group or other malicious actors.
Source: https://coincentral.com/bybit-ceo-over-960m-in-stolen-eth-converted-to-bitcoin/
