Tag: Bybit

The Bybit CEO confirms that $ 280m of the $ 1,400m stolen are no longer traceable


  • The Bybit CEO has said that 20% of the 1.4 billion dollars stolen from the exchange are now impossible to track.
  • The computer pirates turned one billion dollars into Eth a BTC through Thorchain and spread it.
  • Until now, 11 hunter have helped freeze 42 million dollars of stolen funds.

In an amazing update, the CEO of Bybit, Ben Zhou, has revealed that 280 million dollars of the 1.4 billion stolen dollars of the cryptocurrency exchange platform in the February hacking have disappeared in channels impossible to trace.

The security gap, attributed to the North Korean hacker group Lazarus, caused the theft of approximately 500,000 Ether (ETH) of the Bybit reserves. Although most of the funds are still visible in the block chain, Zhou’s announcement underlines the challenges faced by researchers in their career against time to freeze assets before hackers withdraw them completely.

The attack exploded vulnerabilities in Safewallet, a third -party wallet platform used by Bybit. Lazarus hackers committed the developer’s device, injecting malicious code that allowed them to divert almost 1.5 billion dollars in ETH during a routine transfer.

Despite the rapid Bybit action to restore backup 1: 1 of the assets of customers in a matter of days, computer pirates have relentlessly moving stolen funds through multiple platforms, which complicates recovery efforts.

The computer pirates took advantage of Thorchain to fragment the funds

An important part of the stolen Ether (417,348 ETH valued at about 1,000 million dollars) has become Bitcoin (BTC) and has been distributed in 6,954 wallets, each with an average of 1.71 BTC. Zhou said that 72% of the loot, or 361,255 ETH worth 900 million dollars, was channeled through Thorchain, a decentralized exchange known for its privacy functions.

Only Thorchain prosecuted a record of 4,660 million dollars in exchanges in the week that ended on March 2, raising more than 5.5 million dollars in commissions for these illicit transactions.

This strategy of fragmentation and conversion has made the follow -up of the funds more and more difficult for Blockchain forensic equipment.

Meanwhile, 20% of stolen assets (approximately 79,655 eth) have been “dark”, which means that they have bleached through platforms such as Exch and have become impossible to track.

Zhou stressed that 40,233 ETH additional, for a value of 100 million dollars, passed through the OKX web3. Of these, 23,553 ETH (65 million dollars) remain impossible to track without greater cooperation of the OKX Wallet team, while 16,680 ETH are still within reach of researchers.

The executive director stressed that the next one or two weeks are crucial, since computer pirates are preparing to download their loot through bags, extraburstile negotiation tables (OTC) and peer-to-peer networks (P2P).

Bybit has recruited hunting in the midst of freezing efforts

In an attempt to frustrate computer pirates, Bybit has requested the help of hunting and security companies.

Zhou reported that 11 parts, including outstanding actors such as Mantle, Paraswap and Blockchain Zachxbt detective, have helped freeze 42 million dollars, or 3% of stolen funds. Until now, Bybit has paid 2,178 million dollars in USDT to these taxpayers as part of their recovery efforts, with more details available in LazarusBounty.com.

The exchange was also associated with the web3 Zeroshadow security company on February 25 to improve its Blockchain forensic analysis and maximize asset recovery. Despite these efforts, computer pirates do not show signs of deceleration.

The Blockchain Elliptic analysis company has identified more than 11,000 wallets linked to the Lazarus group, which suggests an expanding network designed to hide its footprints.

Zhou indicated that additional $ 65 million could be recovered in ETH with the support of OKX, but time ends since the attackers continue to wash operations through platforms such as EXCH and OKX Web3 proxy.

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Chainflip plans to update to block BYBIT computer pirates


  • Chainflip announced that update 1.7.10 will be ready for tests and implementation in 24 to 72 hours.
  • Cross chain AMM says that the measure will prevent Bybit computer pirates or other attackers from using the platform for washed stolen funds.

The automated market creator between Chainflip chains has announced an upcoming update. When implemented, the platform will block BYBIT’s computer pirates so that they do not use their decentralized exchange protocol.

The platform measure follows the recent hacking of 1.4 billion dollars to Bybit, which caused Lazarus Group, backed by North Korea, looting more than 400,000 ETH from the cold wallet of the exchange.

“After the discussions between the team, the community, the liquidity suppliers in the network, all the main interfaces that use Chainflip and most of the providers of validators, we are advancing with a plan to allow the interfaces to block in a robust way Illicit flows in the Chainflip protocol, ”said the Chainflip team in an article Posted in X.

According to Chainflip, there has been consensus throughout his community for the update. This is because the community considers that illicit flows are something that “endangers the protocol by exposing the LP to too many risks.”

Therefore, the decision to implement update 1.7.10 arises from the general desire to protect the interests of common users.

On February 22, the protocol put its main interface exchange platform in maintenance mode to prevent Bybit’s computer pirates will exchange ETH stolen by USDC.

Expansion of the running function of runners

Chainflip says he has collaborated with ecosystem partners and other suppliers. The objective is to prevent these funds and other illicit flows from touching the protocol.

With the update, the protocol now expands a selection function at the corridor level that allows to reject Bitcoin (BTC) deposits if they are considered high risk for Ethereum (ETH) and all ERC20 tokens.

“In the future, Chainflip will not be useful for anyone whose wallet can be linked to any important incident, piracy, fraud or fraud. This will allow Chainflip to provide a much more reliable and safe environment for LP to compromise more capital with less risk, thus improving the service to defi users everywhere, ”added the platform.

Chainflip developers have already written most of the code, and evidence and implementation could begin in 24 to 72 hours.

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Ethereum recovers from its fall at $ 2600 after the hacking to bybit

Key conclusions

  • Ethereum fell to the 2600 dollars area after Bybit’s hacking on Friday, but now quotes over 2700 dollars per Token.
  • Idegen has raised almost 25 million dollars and the presale ends in two days.

Ethereum could get after falling after Bybit’s hacking

Ethereum, the second largest cryptocurrency for market capitalization, has been volatile in recent days. Around $ 2850 was quoted on Friday before collapsing at $ 2620 later that day after cryptocurrency exchange Bybit was hacked.

The hacking caused almost 1.5 billion dollars in ETH and Steth to be erased from the Bybit’s cold storage wallet. However, the price of ETH has recovered slightly since then and could rise more in the short term. At the time of publication, the Ethereum price It is located in $ 2727, a drop of almost 2 % in the last 24 hours.

What is Idegen?

Bybit’s hacking is the largest in the history of the cryptocurrency market so far, but the way the company managed the situation inspired investors. As investors recognize the maturity level of the cryptocurrency market, more funds continue to flow to new and exciting projects.

Idegen It is one of the projects that has raised millions of dollars from investors. It is a leader of Memecoin and Ia that would offer a massive utility to its users by launching several products and services. Idegen has already raised almost 25 million dollars and will use the funds to develop their products.

In their technical report, project developers revealed that Idegen is a memecoin project that takes advantage of the benefits of AI to create the next memecoin of one billion dollars. It is an AI tool that works mainly as such.

The tool evolves and adapts continuously taking advantage of the feeds of the community in X. While Idegen is driven by AI, X users finally raise the tool. The native token, $ IDGN, will boost all the various activities within the ecosystem.

The team explained that the launch of $ IDGN as Memecoin is due to the recent growth of the memes narrative in the crypto space. The narratives of AI and Memecoin were the ones that had the best performance in 2024, providing thousands of percentages in ROI to investors.

The Idegen Token will be launched in the exchanges in three days, indicating the end of the presale and marks the beginning of the project utility phase. With the IdeGen tool, users can feed their data through tweets, labels and comments.

The tool absorbs the publication and adds it to its knowledge base; This is how he learns. In addition, Idegen publishes in X every 60 minutes and can generate and publish memes.

Idegen’s presale is close to 25 million dollars as the price date approaches

He Token Idegen It will be included in the Exchange from February 27, which marks the beginning of its utility phase. As the price data approaches, the presale will end in two days, with almost 25 million dollars raised by investors in recent weeks.

In the current stage, the Token $ Idgn is worth 0.0345 and its price will increase to $ 0.0380 in the next stage. The next stage will be the final and will provide the first investors a massive ROI before the Token throws himself in the exchanges.

Why buy the token $ idgn now?

Idegen’s presale ends in two days and Token will begin to quote on the exchanges immediately after. In spite of that, buying tokens $ Idgn could now be an excellent opportunity to enter the project from the beginning.

The project offers a unique value proposal for investors and users thanks to its numerous profits. While it is a memecoin, Idegen It will offer several cases of use to your community and the cryptocurrency market in general.

With the appropriate adoption level, your Native Token $ IDGN could obtain a massive adoption within Idegen and the cryptocurrency ecosystem in general. This could give the first investors an excellent return on investment in the coming weeks and months.

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Bybit suffers a 1.4 billion hack

  • Bybit was exploited for 1.4 billion dollars in ETH, confirms its CEO.
  • Despite the mass loss, Bybit is still solvent and can cover the losses, said Ben Zhou in an X publication.

Bybit has suffered an important attack, since a hacker stole more than 1.4 billion dollars in ETH and put ETH in Stake.

The CEO of the cryptocurrency exchange platform, Ben Zhou, confirmed The attack through X on Friday, noting that the attacker exploded a vulnerability that allowed them to empty their cold ETH wallet.

The news of the attack, one of the largest in market history, made several cryptocurrencies prices react down.

The price of Ethereum lost part of his intradic earnings, although the reaction remained largely moderate at the time of writing this article.

Bybit’s CEO states that the exchange is solvent

Bybit also published an update that details The incident:

“Bybit detected an unauthorized activity that involved one of our cold ETH wallets. The incident occurred when our cold multifirma wallet of ETH executed a transfer to our hot wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signature interface, showing the right direction while altering the underlying logic of the intelligent contract. As a result, the attacker was able to obtain control of the cold ETH wallet of affected and transfer their holdings to an unidentified address. ”

While the exchange was affected by the attack, Zhou said that Bybit “was solvent” and that the exchange can cover these losses. The withdrawals from the exchange were not affected either, he said.

“Bybit is solvent even if this loss is not recovered by hacking,” published in X. “All customer assets are backed 1 to 1, we can cover the loss.”

Several blockchain security platforms and researchers, including Zachxbt, noticed that the hacker had already begun to transfer the funds to new addresses.

Meanwhile, Blockchain Arkham’s intelligence firm advertisement A reward while ecosystem actors try to unmask the identity of the hacker.

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