Hacker at ByBit managed to discharge all stolen funds after organizing the biggest flight in the history of cryptocurrency. Part of the sum could still be renewed thanks to blockchain safety experts.
February 21st Bybit went through a cyber attack and caused the ether (Steth), Mantle bet ETH (Meth) and other ERC-20 tokens for more than $ 1.4 billion. This flight is now considered the most important recorded in the cryptocurrency sector.
The hacker then transferred every $ 500,000 (ETH) stolen from approximately $ 1.04 billion, in particular through the decentralized Thorchain protocol, as reported by security blockchain Lookonchain in X March 4:
“Hacker #bybit Bleached 499 $ 395 stole (current value: $ 1.04 billion), mainly thanks to #Thorchain.
The North Korean group Lazarus is suspected of transferring stolen products, although identified as the main actor after attacking several companies for blockchain analysis, especially Arkham Intelligence.
Two months earlier, the South Korean authorities imposed sanctions 15 North Korean citizens, suspected of financing the nuclear armament program of their country through theft of cryptocurrencies and cyber attacks.
Despite this, blockchain safety experts remain optimistic about the possibility to restore a small part of the frozen Bybita funds.
Restore part of the bybity funds?
According to Deddy Lavid, what -founder and CEO of Blockchain Cyvers Safety Company, it is still possible to follow part of the whitefish despite the transfer of assets:
“Although bleaching through mixing services and exchanges complicates recovery, cyber security uses intelligence in the chain, AI -powered models and collaboration with scholarships and regulators, allowing them to explore the opportunities to monitor assets and potentially freeze them.”
“A quick response is necessary because once the means are highly hidden, their recovery becomes much more difficult. The best strategy to avoid the loss of stolen funds is to act before the attack or during the attack, ”he added.
On March 4, Ben Zhou, the CEO of Bybit, confirmed that almost 77 % of the funds could be traced, but that more than $ 280 million in the stolen funds “lacked”, while 3 % of funds were frozen.
Bybit continued to permission to select for its customers and completely returned $ 1.4 billion in the ether within 24 February, only three days after the attack.
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Original article written: ZOLTAN VARDAI
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Safety companies in the cryptocurrency, such as Cyvers, implement preventive measures to face future attacks.
According to Michael Pearl, vice president of GTM strategy in Cyvers, up to 99 % of hackers and fraud simulates and verifies blockchain transactions in offchain, in an interview with Coimelograf could allow up to 99 % of hacks and fraud simulating and verifying Blockchain transactions, Validation of offchain transactions.
This case emphasizes the vulnerability of exchange platforms and emphasizes the fundamental importance of cyber security in the field of cryptocurrencies. It would be interesting to think about measures and technologies that could be developed to strengthen the security of digital assets, while maintaining investors’ confidence and facilitating innovation in this expansion industry.