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Bybit Hackers Have Already Swapped $1.2 Billion in ETH to BTC
In a shocking revelation, Bybit has announced that hackers have already swapped a staggering $1.2 billion worth of Ethereum (ETH) for Bitcoin (BTC), highlighting the devastating consequences of the recent hack on the cryptocurrency landscape.
According to Bybit’s CEO, Ben Zhou, over 84% of the stolen assets have been switched from ETH to BTC, with an alarming 27.5% of the lost funds going “dark”, meaning they are no longer traceable. The remaining 3.8% of the assets have been frozen, leaving a slim chance of recovery.
The revelation highlights the brazen nature of the North Korean hackers behind the attack, who appear to be using sophisticated techniques to launder and conceal their ill-gotten gains. Notably, Bybit has accused these hackers of utilizing Wasabi, an open-source Bitcoin mixer that operates on the Tor anonymity network, to further complicate tracing efforts.
Furthermore, the CEO revealed that a significant portion of the stolen ETH has been converted into BTC using THORChain’s decentralized liquidity protocol across more than 35,000 wallets. This mass conversion highlights the staggering scale of the hack and its potential impact on the broader cryptocurrency market.
Despite these developments, Bybit has shown remarkable resilience in the face of adversity. The exchange has not only regained a significant portion of its pre-hack market share but is now ranked second on CoinMarketCap after Binance. Additionally, Bybit’s daily trading volume has surged to $1.9 billion, and its weekly traffic has reached an impressive 3.5 million visits.
In light of these developments, the exchange has announced a significant increase in security measures through a partnership with Zodiac Custody, ensuring that such attacks will be less likely to succeed in the future. The exchange has also put up a substantial $140 million bounty to combat the North Korean Lazarus Group and potentially recover some of the lost assets.
While the news is undoubtedly concerning for Bybit’s stakeholders and the broader cryptocurrency community, it is clear that the exchange is actively working to mitigate these risks and safeguard its users’ funds.
Source: https://www.coinspeaker.com/bybit-hackers-have-already-swapped-1-2-billion-in-eth-to-btc/
