Wednesday, October 22, 2025
Catatonic Times
No Result
View All Result
  • Home
  • Crypto Updates
  • Bitcoin
  • Ethereum
  • Altcoin
  • Blockchain
  • NFT
  • Regulations
  • Analysis
  • Web3
  • More
    • Metaverse
    • Crypto Exchanges
    • DeFi
    • Scam Alert
  • Home
  • Crypto Updates
  • Bitcoin
  • Ethereum
  • Altcoin
  • Blockchain
  • NFT
  • Regulations
  • Analysis
  • Web3
  • More
    • Metaverse
    • Crypto Exchanges
    • DeFi
    • Scam Alert
No Result
View All Result
Catatonic Times
No Result
View All Result

Bybit restores Ethereum reserves following $1.4B breach, launches $140M bounty program

by Catatonic Times
February 24, 2025
in Crypto Exchanges
Reading Time: 3 mins read
0 0
A A
0
Home Crypto Exchanges
Share on FacebookShare on Twitter


Bybit CEO Ben Zhou confirmed that the change restored Ethereum (ETH) reserves following the current $1.4 billion safety breach.

In a Feb. 24 submit on X, Zhou introduced that Bybit will quickly launch an up to date proof-of-reserves report demonstrating that it now holds consumer property 1:1.

He said:

“Bybit has already absolutely closed the ETH hole, new audited POR report will probably be revealed very quickly to indicate that Bybit is once more Again to 100% 1:1 on consumer property by way of merkle tree.”

Zhou’s assertion confirmed a report from blockchain analytics agency Lookonchain. The agency said that Bybit replenished its reserves by way of over-the-counter (OTC) purchases, whale deposits, and loans from main crypto platforms, together with Binance, Bitget, and HTX.

Lookonchain mentioned the embattled change bought 157,660 ETH value roughly $437.8 million from funding companies akin to FalconX and Wintermute through OTC transactions.

Moreover, it acquired one other $304 million in ETH from centralized and decentralized exchanges.

Fund restoration efforts

Whereas the change might need closed its platform’s ETH hole, it has stepped up its restoration efforts by initiating a ten% bounty program and freezing some stolen funds.

On Feb. 22, the crypto buying and selling platform launched a bounty program that inspired moral hackers and cybersecurity specialists to help within the restoration course of.

The change has pledged a reward of as much as 10% of the recovered funds, doubtlessly providing as a lot as $140 million if the complete quantity is reclaimed.

Zhou mentioned:

“Bybit launched a bounty program on February 22, encouraging moral hackers and cybersecurity specialists to help within the restoration course of. The change has pledged a reward of as much as 10% of the recovered funds, doubtlessly providing as a lot as $140 million if the complete quantity is reclaimed.”

In the meantime, Bybit has additionally collaborated with varied crypto platforms to freeze and get better stolen property.

To this point, the change has efficiently frozen roughly $43 million by way of partnerships with entities akin to Tether, ThorChain, Bitget, ChangeNow, Mounted Float, Avalanche, Circle, and CoinEx.

Bybit added:

“By swift motion and efficient coordination, the mETH Protocol workforce efficiently recovered 15,000 cmETH tokens value roughly $43 million”

Laundering strategies

Nevertheless, regardless of these restoration efforts, the attackers have already begun laundering the stolen funds.

Blockchain forensics agency Elliptic famous that the laundering strategies intently resemble strategies utilized by the Lazarus Group, a infamous cybercriminal group.

In accordance with the agency, the hackers instantly transformed stolen tokens into ETH by way of decentralized exchanges (DEXs) to evade asset freezing. This transfer helped bypass restrictions that issuers would possibly impose on particular tokens.

Inside two hours of the assault, funds have been unfold throughout 50 wallets, every holding about 10,000 ETH. These wallets are actually being systematically emptied, with not less than 10% of the stolen property already in movement.

Elliptic continued that the attackers have additionally began changing ETH into Bitcoin utilizing varied buying and selling companies.

If previous laundering patterns persist, the attackers will seemingly make use of mixers akin to Twister Money to hide their actions additional. Nevertheless, the sheer quantity of stolen property could complicate this course of.

In the meantime, on-chain investigator ZachXBT additionally found that the attackers tried to launder funds utilizing memecoins on Solana’s Pump.Enjoyable platform.

The blockchain sleuth famous that one of many exploited wallets transferred 60 SOL to a different tackle to create a token named QinShihuang, which noticed over $26 million in buying and selling quantity.

The Solana Basis and Pump.Enjoyable responded by blocking and eradicating the token, stopping the attackers from cashing out additional. Bybit applauded the swift motion, highlighting the significance of community-driven safety measures in crypto.

Talked about on this article

Blocscale



Source link

Tags: 1.4B140MBountyBreachBybitEthereumLaunchesProgramReservesrestores
Previous Post

Fermion Protocol Turns $1M NFT Suit into Shared Ownership

Next Post

Why 2025 Could Be a Breakout Year for Bitcoin Adoption?

Related Posts

How to earn money on your BTC while pumping the price
Crypto Exchanges

How to earn money on your BTC while pumping the price

October 21, 2025
The Daily Breakdown’s Crypto Corner: Litecoin, Shiba
Crypto Exchanges

The Daily Breakdown’s Crypto Corner: Litecoin, Shiba

October 22, 2025
The feedback loop rewiring Wall Street finance
Crypto Exchanges

The feedback loop rewiring Wall Street finance

October 20, 2025
Credit Cracks | Analyst Weekly | October 19, 2025
Crypto Exchanges

Credit Cracks | Analyst Weekly | October 19, 2025

October 20, 2025
The SEC’s new crypto rules are a win for free markets — and for America
Crypto Exchanges

The SEC’s new crypto rules are a win for free markets — and for America

October 19, 2025
déjà vu as U.S.–China tensions weigh on crypto
Crypto Exchanges

déjà vu as U.S.–China tensions weigh on crypto

October 18, 2025
Next Post
Why 2025 Could Be a Breakout Year for Bitcoin Adoption?

Why 2025 Could Be a Breakout Year for Bitcoin Adoption?

Elliptic Warns Stolen Bybit Crypto Headed for Mixers Next

Elliptic Warns Stolen Bybit Crypto Headed for Mixers Next

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Catatonic Times

Stay ahead in the cryptocurrency world with Catatonic Times. Get real-time updates, expert analyses, and in-depth blockchain news tailored for investors, enthusiasts, and innovators.

Categories

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

Latest Updates

  • ‘No Longer Speculation,’ Says Pundit
  • MetaMask, Phantom Team Up With SEAL to Fight Crypto Scams
  • Ascendant Art Basel Paris rewards top dealers, while smaller galleries compete for attention – The Art Newspaper
  • About Us
  • Advertise with Us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact Us

Copyright © 2024 Catatonic Times.
Catatonic Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Crypto Updates
  • Bitcoin
  • Ethereum
  • Altcoin
  • Blockchain
  • NFT
  • Regulations
  • Analysis
  • Web3
  • More
    • Metaverse
    • Crypto Exchanges
    • DeFi
    • Scam Alert

Copyright © 2024 Catatonic Times.
Catatonic Times is not responsible for the content of external sites.