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Bybit CEO Ben Zhou reported that 77% of funds stolen in the Bybit hack remain traceable as of March 4, 2025.
The hack poses significant concerns for crypto security, impacting market stability and emphasizing the need for robust protections.
77% of Bybit Stolen Funds Trackable
Bybit CEO Ben Zhou shared on X (formerly Twitter) that 77% of stolen funds in a major crypto hack are still traceable, but 20% have eluded tracking. The hack dates back to early March 2025.
The Lazarus Group, linked to North Korea, is believed to be behind the hack. This group is notorious for high-profile crypto heists, often exploiting vulnerabilities in smart contracts.
"Over 77% of the funds stolen in the Bybit hack remain traceable, while 20% have 'gone dark' and are untraceable. This and the coming week is critical for fund freezing as the funds will start to clear at exchanges, otc and p2p." — Ben Zhou, CEO, Bybit
Crypto Market Reacts to Bybit Hack
The hack caused turmoil in crypto markets, sparking debates on security measures. Ethereum and Bitcoin prices rose by over 10% and 4% respectively since news broke, highlighting market instability.
Crypto advocates urge for better security protocols and rapid responses to suspicious activities. Arthur Hayes emphasizes the threat posed by sophisticated hacking tactics from groups like Lazarus.
Comparing Bybit Hack to Ronin Network Theft
Experts compare this record-breaking hack to the 2022 Ronin Network theft. Both incidents stress the need for strengthened security following high-loss hacks linked to Lazarus.
Analysts predict ongoing challenges in tracking and recovering funds. They underline the necessity for global cooperation to deter such attacks and protect digital asset exchanges.
Read original article on bitcoininfonews.com