Bybit Exploit: Hackers Convert $1.2 Billion in Stolen Ethereum to Bitcoin
Cybercriminals behind the Bybit security breach have successfully exchanged approximately $1.2 billion worth of stolen Ethereum (ETH) for Bitcoin (BTC), according to blockchain analytics. The large-scale conversion highlights ongoing challenges in tracking and recovering stolen crypto assets across decentralized networks.
A Healthy Recovery?
Since the historic $1.4 billion hack in February, Bybit has shown strong signs of a recovery.
The exchange partnered with Zodiac Custody to boost its security and prevent future threats. According to an April 10 report, Bybit regained its pre-hack 7% market share.
Bybit currently has a daily trading volume of $1.9 billion and is ranked second on CoinMarketCap after Binance. CMC data shows that Bybit’s weekly traffic has reached 3.5 million visits over the past week.
Over the past two months, Bybit has received more than 5,400 bounty reports, with only 70 being valid. The exchange put a $140 million prize, 10% of the stolen funds, to fight the North Korean Lazarus Group and potentially return some of the lost assets.
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