Bybit CEO Ben Zhou stated that the change will attempt all obtainable means to get the stolen funds again — together with a bounty program for anybody aiding within the return of the funds, working with legislation enforcement, and speaking with the Ethereum Basis to discover potential options.
In a Feb. 22 X Areas, Zhou was requested if he supported a rollback of the Ethereum blockchain to a state earlier than the Feb.21 Lazarus Group hack, which might invalidate the stolen funds. The Bybit CEO responded:
“I am unsure if it is one man’s choice. Primarily based on the spirit of blockchain, perhaps it ought to be a voting course of to see what the communities need, however I’m not unsure.”
The Ethereum blockchain was “rolled again” following the 2016 DAO hack, which left roughly $60 million in ETH drained from The DAO.
This hack prompted a tough fork that break up the Ethereum blockchain into “Ethereum Traditional” (ETC), which incorporates the illicit transactions and the proof-of-stake chain thought of to be the primary Ethereum (ETH) community right now.
Funds related to the Bybit hacker. Supply: Arkham Intelligence
Associated: Lazarus Group consolidates Bybit funds into Phemex hacker pockets
Lazarus strikes stolen funds as Bybit broadcasts bounty program
In keeping with onchain analytics agency Lookonchain, the Lazarus Group at the moment holds roughly 489,395 ETH, valued at roughly $1.3 billion, and 15,000 Mantle Restaked ETH (cmETH) in 54 whole wallets.
The hacking group, believed to be tied to North Korea, has been shifting the stolen funds between wallets to obfuscate the supply of the cash and launder the funds onchain.
On Feb. 22, Bybit introduced a ten% bounty program, or as much as $140 million, for white hat hackers aiding in recovering the stolen crypto from the menace actors.
The Bybit CEO additionally expressed deep gratitude to business corporations and executives for aiding the change within the aftermath of the most important crypto hack in historical past.
Tether CEO Paolo Ardoino introduced the stablecoin issuer froze 181,000 USDt (USDT) following the hack, and Bitget CEO Gracy Chen stated that the change would block any transactions coming from wallets related to the Lazarus Group.
Journal: Crypto-Sec: Evolve Financial institution suffers information breach, Turbo Toad fanatic loses $3.6K
