Bybit Hack: Exchanges Freeze $42 Million From Exploit – Here’s All

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Ah, the cryptoverse! A place where fortunes are made and lost faster than you can say “blockchain.” Just when you thought it was safe to invest your life savings in digital coins, the $1.5 billion Bybit hack comes along like a bad penny that just won’t leave. But fear not, dear reader! The exchanges have banded together like a group of superheroes, only without the capes and with a lot more anxiety. 💸

Exchanges Team Up To Recover Funds

According to Bybit’s latest post on X (because who needs Twitter anymore?), a whopping $42.85 million has been frozen across various exchanges. It’s like a game of freeze tag, but with a lot more money and a lot less fun. Decentralized exchange THORChain has blacklisted several addresses linked to the North Korean hacking syndicate. I mean, who knew North Korea was so into crypto? Maybe they’re just trying to fund their next missile launch with Bitcoin. 🚀

ChangeNow decided to freeze 34 ETH, which is about $97,000. That’s a nice chunk of change! Meanwhile, Avalanche restricted access to 0.38755 BTC, which is $37,124. And let’s not forget FixedFloat, which froze 120,000 in USDC and USDT stablecoins. It’s like a financial game of whack-a-mole, but instead of moles, it’s hackers. 🐹

“Respect to their teams for their timely responses,” said Bybit on X, probably while sipping a latte and trying to calm their nerves. “They helped us monitor and block the blacklisted addresses.” Because nothing says “we’re in control” like a frantic social media post, right?

In a shocking twist, stablecoin issuers Tether and Circle are also getting in on the action, flagging addresses linked to the Bybit hack. Tether even froze 181,000 USDT. It’s like a digital game of hot potato, but with a lot more zeros. 🔥

Taking Proactive Steps Following The Bybit Hack

While law enforcement agencies and exchanges are busy playing detective, Bybit is taking proactive steps to protect its users. They’ve teamed up with Pump.fun and Solana Foundation President Lily Lui to remove a Solana-based token that’s apparently best friends with marauding hacker groups. Who knew tokens could have such social lives? 🎉

Onchain data suggests that the infamous Lazarus Group is bridging its assets to Solana, using fake KYC data to deposit funds on exchanges. It’s like a bad spy movie, but with less glamour and more spreadsheets.

In a heartfelt advisory to users, Bybit warned that scammers are pretending to be officials of the exchange to obtain sensitive personal information. “Bybit will never ask for your personal info, deposits, or passwords,” they said, probably while clutching their pearls. “Always double-check official sources and report anything suspicious.” Because nothing screams “trust me” like a warning about scammers. 🙄

Meanwhile, Ethereum community members are contemplating a blockchain rollback to thwart Bybit’s attackers. It’s like trying to rewind a VHS tape in a world of streaming—good luck with that!

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2025-02-24 01:28