Bybit News: Significant Progress in Fund Recovery Following Lazarus Hack

In a major development following one of the largest cryptocurrency hacks in history, Bybit has announced significant progress in tracking and recovering funds stolen by the North Korean hacker group Lazarus.

Bybit Hack Update: Latest Tracking Shows Progress in Fund Recovery

Recently, in one of the most disastrous hacking attacks by the notorious North Korean hacker group Lazarus, Bybit lost at least $1.4 billion. The incident has sent shockwaves across the cryptocurrency industry. However, with support from various top crypto players, including prominent blockchain security groups, Bybit has launched an action to regain the lost funds. According to Bybit CEO Ben Zhou, at least 88.87% of the stolen funds remain traceable.

Crypto: U.S. Lifts Sanctions Against Tornado Cash

Tornado Cash, a crypto mixer accused of obscuring the trail of billions in dubious funds, has been removed from the U.S. Treasury’s blacklist. The decision to lift sanctions against the protocol on March 21st has raised questions about the future of crypto mixers. Tornado Cash was previously linked to North Korean hackers, specifically the Lazarus Group responsible for the Bybit hack, and was accused of helping to obscure over 7 billion dollars in funds. The move by the U.S. government may signal a change in its approach to regulating crypto anonymization tools.