The Great Crypto Caper: As Bybit’s CEO Spills the Beans, Who Will Save the Day?

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On that fateful day, the 21st of February, as winter’s chill began to thaw, the grand heist at Bybit unveiled itself—an incident that shall echo through the annals of digital mischief as perhaps the biggest crypto breach ever recorded. A staggering sum of over $1.4 billion in treasures primarily composed of Ether vanished into the ether!

In a twist befitting a Russian novella, the notorious Lazarus Group of North Korea was unmasked as the puppet master behind this swirling tragedy. Sources revealed that prior to this digital debacle, the exchange had turned a blind eye to glaring security flaws, much like an inattentive nurse cheerfully ignoring the sputtering health of her patient.

Now, as if the universe conspired for a dramatic revelation, Bybit’s own maestro, Ben Zhou, revealed through his lucent Twitter/X stream that nearly 88.87% of the pilfered funds still bear the traceable mark of their origin. 💸 In an odd twist of fate, 3.54% have been frozen in a limbo reminiscent of a Siberian winter, while a curious 7.59% took a leisurely plunge into the dark web’s murky waters, evading the probing eyes of the authorities.


Hacker started to use mixers: 1. Wasabi 2. CryptoMixer 3. Railgun 4. TornadoCash
Total hacked funds of USD 1.4bn around 500k ETH. 88.87% remain traceable, 7.59% have gone dark, 3.54% have been frozen.
Breakdown: – 86.29% (440,091 ETH,…

— Ben Zhou (@benbybit) March 20, 2025

Lazarus Group’s Deceptive Dance with Mixers

In a recent missive, Ben Zhou laid bare the findings of his company’s clandestine investigations. The hackers, in their cunning, danced through multiple Bitcoin mixers—CryptoMixer, Railgun, Wasabi, and the notorious TornadoCash—with a dexterity that would put the finest ballet dancers to shame. Of the grand heist’s proceeds, 88.87% remain within reach, while 7.59% now languish in the dark, like wayward souls lost on a stormy night.

In a moment of grim reflection, Zhou unveiled the disheartening details: fully 82.29%, or 440,091 Ether valued at a breathtaking $1.23 billion, metamorphosed into a plethora of 12,835 Bitcoins, scattered like lost sheep across 9,117 crypto wallets. It seems even in crime, diversification is key!

Zhou Calls for a Band of Modern-Day Treasure Hunters

As if in a fable, Zhou appealed to the masses for assistance in tracing the elusive funds. In his latest Twitter/X post, he lamented the transfer of approximately 193 Bitcoins into the fabled Wasabi Mixer, before dispersing them to various P2P vendors, as if playing a game of hide-and-seek. 🕵️‍♂️

Zhou, with a weary heart, acknowledged the daunting task ahead; decoding mixer transactions is their Cyclopean challenge. In a moment that prompted chuckles and raised eyebrows alike, he openly called for help from the public—much like a beleaguered captain seeking crewmen in a storm. This past month, 5,012 bounty reports flooded in, but alas, only 63 proved steadfast. Therefore, Zhou implores the valiant bounty hunters to rise and join the quest!

Bybit’s Fortune Revealed: Risks Acknowledged, But Ignored!

In an interview fraught with tension, the ever-dutiful Bybit CEO admitted they had received whispered warnings of their platform’s vulnerabilities long before this catastrophic occurrence. He revealed they had noticed their digital Safe was more out of place than a bear in a ballet costume, out of touch with the current security landscape about three or four moons prior to the breach.

In a moment of reluctant accountability, Zhou admitted they could have swapped out the Safe, but did not—much to their chagrin. Meanwhile, the venerable chief product officer of Safe, Rahul Rumalla, defended their digital fortress with the fervor of a knight at the gates of a besieged castle, promising that enhancements are underway to ensure no such calamity shall befall them again. The world of crypto is indeed a stage, filled with curious characters and absurdities aplenty!

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2025-03-21 13:44