Bybit has reported that 89% of the funds stolen during a recent hack are still traceable, with over $1.23 billion converted into Bitcoin and funneled through various mixers. The hack occurred on February 21, leading to significant financial losses primarily through liquid-staked Ether and other digital assets. The Lazarus Group is identified as the attacker, and despite attempts to obscure transaction patterns, blockchain security experts believe there is potential to recover a portion of the funds. Bybit has offered $2.2 million in rewards for bounty hunters who can provide information about the stolen assets, highlighting the need for more ethical hackers to combat such illicit activities. The incident serves as a stark reminder of vulnerabilities in crypto security, as sophisticated social engineering tactics were used by the attackers to drain funds from Bybit's cold wallets. The scale of the breach makes it the largest ever against a cryptocurrency exchange to date.

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