BYBIT

The hackers who attacked the Bybit cryptocurrency exchange are close to completing the laundering of the stolen 499,000 ETH, which is equivalent to about 1.5 billion dollars. According to analysts, about 70% of these funds have already been transferred, and the process can be completed in the next three days. By using sophisticated schemes, including the use of intermediary wallets, decentralized exchanges, and inter-network bridges, attackers make it difficult to track stolen assets.
Against the background of this incident, criticism has increased against Circle, the issuer of the USDC stablecoin. According to experts, Circle reacts too slowly to incidents of this kind and does not blacklist wallets associated with hackers at a sufficient pace. Blockchain researcher ZachXBT noted that it took the company more than 24 hours to freeze funds, which allowed hackers to seamlessly transfer assets beyond reach. This is not the first time that Circle has been criticized for being slow: similar claims arose after the hacking of Ledger and Nomad Bridge.
Circle CEO Jeremy Allaire defends the company's position, stating that they can only take such measures at the request of law enforcement agencies. He argues that interference without official regulations can have a negative impact on the market and users. However, critics such as ZachXBT and security expert Taylor Monahan believe that waiting for legal approval creates unnecessary delays, which are exploited by attackers. In their opinion, Circle should play a more active role in preventing such crimes.
Meanwhile, the FBI has determined that the hacker group responsible for the attack is TraderTraitor, which is linked to North Korea. In an attempt to minimize the damage and recover the stolen funds, Bybit has announced a $140 million reward program for those who will help track and freeze assets. At the moment, 16 people have already received $4.2 million for their contribution. However, despite all efforts, the pace of funds transfer remains high, creating additional difficulties for investigators.
This incident highlights the serious challenges faced by the crypto industry in the fight against crime. Slow response to attacks and money laundering can lead to the fact that stolen assets will be irretrievably lost. Should companies like Circle reconsider their approaches to blocking questionable wallets in order to prevent similar situations in the future?
#bybit #cryptocurrency

A Wild Week in Crypto: Scams, Hacks, and Volatility
The past week has been extremely turbulent for cryptocurrency markets. From the LIBRA memecoin scandal to the historic Bybit exchange hack, investors faced extreme volatility. Yet, the crypto market has remained relatively strong, and many altcoins are showing signs of recovery.
LIBRA Fraud Shakes the Market and Triggers Political Fallout
At the start of the week, the LIBRA memecoin experienced a meteoric rise and rapid collapse, causing turmoil not only in the market but also in the political sphere. Argentine President Javier Milei is now facing mounting pressure due to the LIBRA scandal:
🔹 The opposition is calling for his removal
🔹 Lawyers have filed fraud charges
🔹 Anti-corruption agencies have launched an investigation
The impact on the crypto space demonstrated that the industry is no longer just a niche financial sector – crypto now has geopolitical consequences.
Historic Bybit Hack Worth $1.4 Billion
As the week came to a close, Bybit exchange announced that it had lost $1.4 billion in Ethereum, making it one of the largest crypto hacks in history.
🔹 The hack occurred on February 21, when Bybit's multisig wallet transferred funds to a hot wallet.
🔹 Bybit processed 350,000 withdrawal requests, but all were resolved within 12 hours of the incident.
🔹 Bybit CEO Ben Zhou received praise for his swift and effective response to the crisis.
Many analysts and investors on Crypto Twitter applauded Zhou for handling the situation so well, with some calling it a “masterclass” in crisis management.
Bitcoin and Altcoins: Volatility but Signs of a Bottom
The market experienced significant volatility, largely attributed to the LIBRA scandal and Bybit hack.
🔻 Bitcoin plunged after negative news
🔻 BTC dropped 3% following the Bybit hack announcement
🔹 A swift recovery is possible, given how well Bybit managed the situation
Among altcoins, there are early signs that a bottom may have been reached. Altcoins have been hit hard over the past month, while Bitcoin has remained relatively stable.
📈 BERA, which was in negative headlines last week, has recovered 30%
📈 Bittensor (TAO) surged 20% over the past week and 40% from its local low
📈 Kaito AI launched its KAITO token on February 20, with a much smoother debut than BERA
The Crypto Market Remains Bullish Despite Negative Events
Despite the major events that shook the market last week, crypto continues to hold strong. Bitcoin and altcoins are showing resilience and signs of stabilization.
📊 If the market can withstand events of this magnitude, it's hard not to feel bullish. 🚀
#bullish , #CryptoMarket , #CryptoNewss , #bybit , #libra

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The remainder of the wallets associated with the hacking of #Bybit on February 21 for 1.5 billion dollars were drained in the last few hours.
This could indicate that the group #Lazarus , identified as the perpetrator(s) of the attack, has successfully laundered 100% of the 400,000 $ETH stolen taking advantage of the pump in the last few hours.

Source: X account of @lookonchain.
In the last few hours, the price of the entire crypto market rose to levels before the hack, especially for the cryptocurrencies associated with the strategic reserve fund recently announced by President Donald Trump.

My concerns from yesterday’s article (How long can the surge triggered by Trump last? Let’s discuss my trading ideas) became a reality. Altcoins did not follow; a local bull market relying solely on Trump’s words is too fragile. Many people were fooled by the expectation of good news from Trump at the White House cryptocurrency meeting and got onboard, but before the good news arrived, they were met with Trump's tariff hammer hitting the market. Last night, the three major U.S. stock indices collectively closed down, which also crashed the crypto market. BTC just flashed crash below 83000, and ETH fell below 2100. Those who did not listen to the advice yesterday and chased the rise betting on favorable news from the White House will pay a heavy price today.

In the shadow of the recent $1.5 billion Bybit hack , another cryptocurrency exchange and its associated protocol have reportedly suffered a significant security breach. Sources indicate that the majority of the stolen assets are in Ethereum (ETH) and Solana (SOL). However, due to the prevailing market instability and the ongoing repercussions from the Bybit incident, details of this new hack are being deliberately withheld to prevent further erosion of investor confidence.
The Bybit hack, attributed to the North Korean-linked Lazarus Group, resulted in the theft of approximately 401,000 ETH . This breach has already sent shockwaves through the market, with cryptocurrency prices plummeting between 20% and 30% . In light of this, stakeholders fear that disclosing another major security failure could trigger a prolonged bear market, exacerbating the current downturn.
Historically, the Lazarus Group has been implicated in several high-profile cryptocurrency thefts, including the $234.9 million hack of the Indian exchange WazirX in July 2024 . Their continued activities underscore the persistent vulnerabilities within the crypto ecosystem, particularly concerning the security of digital asset exchanges and protocols.
While transparency is a cornerstone of blockchain technology, the decision to keep this recent hack under wraps highlights the delicate balance between openness and market stability. As the industry grapples with these challenges, it underscores the urgent need for enhanced security measures and robust regulatory frameworks to protect investors and maintain confidence in the burgeoning digital asset landscape.
#bybit #HackerAlert #ETH