NewsletterBybit Hack: Exchanges Freeze $42 Million From Exploit – Here’s All
Highlights
- Exchanges freeze nearly $43 million worth of stolen digital assets linked to Bybit’s security breach.
- Stablecoin issuers Tether and Circle joined ranks with exchanges to blacklist addresses.
- A postmortem into the hack is underway but hacker groups continue to lurk in the shadows.
While the cryptoverse is still reeling from the $1.5 billion Bybit hack, its peers have launched a concerted effort to recover looted funds. A Bybit statement confirms that the coordinated effort led to the freezing of nearly $43 million barely two days after the jarring security breach.
Exchanges Team Up To Recover Funds
According to Bybit’s X post, a total of $42.85 million have been frozen across a handful of exchanges in the wake of the attack. Decentralized exchange THORChain blacklisted several addresses linked to the North-Korean hacking syndicate while Coinex provided Bybit’s team with key insights.
ChangeNow froze 34 ETH ($97,000) in addresses linked to the hack while the Avalanche restricted access to 0.38755 BTC ($37,124). Lightning Network-based exchange FixedFloat froze 120,000 in USDC and USDT stablecoins, mirroring the efforts of Bitget and other centralized exchanges.
“Respect to their teams for their timely responses,” said Bybit on X. “They helped us monitor and block the blacklisted addresses.”
Per the statement, stablecoin issuers Tether and Circle are flagging addresses linked to the Bybit hack with Tether freezing 181,000 USDT.
Taking Proactive Steps Following The Bybit Hack
While law enforcement agencies and exchanges are keen on recovering stolen funds from the Bybit hack, the top crypto exchange is taking proactive steps to protect its users.
In collaboration with Pump.fun and Solana Foundation President Lily Lui, the team confirmed the removal of a Solana-based token with ties to marauding hacker groups. Onchain data indicates that the Lazarus Group is bridging its assets to Solana and using fake KYC data to deposit funds on exchanges.
In an advisory to users, Bybit warned that scammers are pretending to be officials of the exchange to obtain sensitive personal information.
“Bybit will never ask for your personal info, deposits, or passwords,” read the warning. “Always double-check official sources and report anything suspicious.”
On the other hand, Ethereum community members are mulling over the prospects of a blockchain rollback to stifle the efforts of Bybit’s attackers
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Hawkish Fed President Bostic To Retire In February Amid Push For More Rate Cuts
- Hyperliquid Halts Deposits and Withdrawals Amid POPCAT Liquidation Saga
- Arthur Hayes Issues Advice To ZEC Holders Amid Push For Crypto Privacy
- Market Structure Bill: Senate Ag Committee Targets Early December Markup
- Breaking: U.S. SEC Unveils ‘Token Taxonomy’ To Help Classify Crypto Assets
- Sui Price Set for a $5 After Launch of USDsui Native Stablecoin
- Ethereum Price Holds Above $3,400: Can Bulls Defend This Key Support?
- After a 108,000% Burn Spike, Will Shiba Inu Price Hit $0.000016 Next?
- Bitcoin Price Eyes Fresh Rally as U.S Government Reopening Sparks Risk-On Mood
- Pi Network Price Eyes Rally to $0.5 as Top Whale Holdings Nears 375M Tokens
- When Will Solana Price Reach $300: Prediction and Analysis
