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|---|---|
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Category: CRYPTO NEWS
The post Bybit CEO Confirms 27.6% of Hacked Funds Still Untraceable Despite Recovery Efforts appeared on BitcoinEthereumNews.com. Key Takeaways: Bybit CEO Ben Zhou confirmed that 72.4% of the funds stolen during a recent hack have been recovered or frozen. 27.6% of the hacked funds remain untraceable and remain in the hands of the attacker. The breach was a result of a private key compromise on a third-party vendor wallet. Bybit assured customers that no customer funds were affected and all business has resumed as normal. Security Breach Hits Third-Party Wallet Vendor Bybit, one of the top global crypto exchanges, recently experienced a high-profile security breach on a wallet used by one of its third-party vendors. The hacker exploited a stolen private key that allowed access by an unauthorized party to assets not directly held by Bybit but still associated with its infrastructure. The attack brought out widespread concern across the crypto industry, given the growing reliance on third-party wallet management tools for both exchange trades and provision of liquidity. Recovery Status: All or Most Funds Restored or Seized In a formal release, Bybit CEO Ben Zhou gave an update on the investigation and recovery process. To date, 72.4% of the stolen funds have been recovered or successfully frozen through coordinated efforts with partner exchanges, law enforcement agencies, and on-chain tracking teams. 4.21.25 Executive Summary on Hacked Funds:Total hacked funds of USD 1.4bn around 500k ETH. 68.57% remain traceable, 27.59% have gone dark, 3.84% have been frozen. The untraceable funds primarily flowed into mixers then through bridges to P2P and OTC platforms.Recently, we have… — Ben Zhou (@benbybit) April 21, 2025 Recovery Breakdown: Assets recovered: Part of the money was rapidly traced and reversed with the help of blockchain monitoring tools. Frozen funds: Funds that found their way into wallets on collaborating exchanges were frozen instantly, so they were unable to proceed further. Still untraceable: The remaining 27.6%…
2025-04-21T13:45:19+00:00
https://bitcoinethereumnews.com/tech/bybit-ceo-confirms-27-6-of-hacked-funds-still-untraceable-despite-recovery-efforts/?utm_source=rss&utm_medium=rss&utm_campaign=bybit-ceo-confirms-27-6-of-hacked-funds-still-untraceable-despite-recovery-efforts