Shocking 120,000 ETH Exodus from Bybit: What You Won’t Believe Happened Next!

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In the grand theater of cryptocurrency, where fortunes are made and lost with the flick of a digital switch, a curious spectacle has unfolded. Whale Alert, that ever-watchful sentinel of the blockchain realm, has recently unearthed a series of substantial withdrawals from the Bybit exchange, a platform that has become notorious for its recent misadventures involving a rather audacious hack. Indeed, it was not long ago that the nefarious Lazarus Group, a band of digital marauders from the shores of North Korea, pilfered a staggering $1.4 billion worth of Ethereum from this very exchange. Ah, the irony! 🎭

Now, let us turn our gaze to the latest drama: a staggering 120,000 ETH, a sum that would make even the most seasoned investor raise an eyebrow, has departed from Bybit, leaving behind a trail of intrigue and speculation. The withdrawals, executed in a series of four, each amounting to 30,000 ETH—approximately $60.4 million—have collectively amassed a value of $241.82 million. One cannot help but chuckle at the audacity of it all! 💰

🚨 🚨 🚨 30,000 #ETH (60,501,389 USD) transferred from #Bybit to unknown wallet

— Whale Alert (@whale_alert) March 20, 2025

Yet, in a twist befitting a Tolstoyan narrative, it appears that the destination of these funds was none other than Bybit itself! Yes, dear reader, what a delightful riddle! These transactions, cloaked in anonymity, were merely a reshuffling of Bybit’s own ETH holdings. One can only imagine the bemusement of the exchange’s staff as they watched their own funds dance away, only to return home. 🏠

Bybit CEO’s Reflections on the Great Heist

In the wake of this financial escapade, Ben Zhou, the esteemed captain of the Bybit ship, has taken to the digital quill to address the calamity wrought by the Lazarus Group. Earlier this year, on the fateful day of February 21, a breach of an Ethereum smart contract led to the siphoning of $1.4 billion—an amount that could fund a small nation! Zhou, with the gravity of a man who has seen too much, reported that 88.87% of the stolen crypto remains traceable, while 7.59% has vanished into the ether, and 3.54% has been frozen, thanks to the swift actions of vigilant exchanges. 🥶

Bybit BEN: Hackers used a BTC mixer to transfer funds. Out of the total $1.4 billion (approximately 500k ETH) in stolen funds, 88.87% remain traceable, 7.59% have become untraceable, and 3.54% have been frozen. 86.29% of the stolen funds (around 440k ETH) have been converted into…

— Wu Blockchain (@WuBlockchain) March 20, 2025

In a further twist, Zhou revealed that a staggering 86.29% of the pilfered Ethereum—roughly 440,000 ETH—has been transformed into Bitcoin, scattered across nearly 10,000 wallets, each holding a modest 1.41 BTC. The sheer absurdity of it all is enough to make one chuckle! 😂

Now, the Bybit team faces the Herculean task of unraveling the tangled web of transactions facilitated by the crypto mixers—those shadowy figures in the digital underworld. Wasbi, CryptoMixer, Railgun, and TornadoCash are but a few of the players in this grand game of cat and mouse. After all, what is a heist without a little misdirection? 🎩

As for the bounty program that Bybit has instituted, it seems that the call for help has not gone unheeded. In the past month, 5,012 reports have flooded in, yet only 63 have proven to be of any merit. Ah, the folly of humanity! Nevertheless, Bybit has pledged to reward 10% of the stolen funds to those brave souls who assist in reclaiming the lost ETH. A noble endeavor, indeed! 🏆

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2025-03-20 17:16