Keynote
BIDIT responded by launching the Blacklist Wallet API and providing prize money to track the fund. It helps protect users from exposure to entities that quickly acquire pre-made flagged wallet addresses connected to hacks within 30 minutes.
According to blockchain analytics firm Elliptic, one of the biggest thefts in the crypto industry with a $1.4 billion stolen fund, Bibit Crypto Exchange Hack has links with North Korean hackers who used more than 11,000 wallets to wash their money.
Four days after the hack on Tuesday, February 25th, BYBIT co-founder and CEO Ben Zhou announced a “war” against the Lazarus Group, the infamous hacking group sponsored by the North Korean state. In an effort to recover stolen assets, Bybit has launched a Blacklist Wallet API and announced a prize money to track funds.
Meanwhile, blockchain analytics firm Elliptic has announced a public data feed containing wallet addresses with links to North Korean hackers. The initiative aims to avoid exposure to authorized entities and help to curb the washing of stolen assets. In the research report, the ellipse team said:
“The addresses associated with Bibit exploits have been identified and can be screened within just 30 minutes of the announcement, protecting customers without the need to perform repeated manual checks.”
Elliptic’s Intelligence API has identified 11,084 crypto wallet addresses that could be linked to bibit exploits. The number may increase as the survey continues.
thx to the @Elliptic team for creating real-time bi-bit exploit data is truly grateful for the effort and work to support us. https://t.co/bmfzj0hn3y
– Ben Zhou (@benbybit) February 26, 2025
Bibit is partnering with Zeroshadow to recover its fund
Crypto Exchange Bybit has registered Web3 security company Zeroshadow to implement blockchain forensics following a recent exploit that compromised the platform. Zeroshadow is responsible for tracking and freezing stolen funds to maximize recovery.
According to blockchain analytics company Chain Orisis, the exploit began with a phishing campaign targeting cold wallet signers for Crypto Exchange Bybit. The attacker intercepted the routine transfer from Bibit’s Ethereum cold wallet to a hot wallet. Part of the stolen ether
ETH
$1 997
24-hour volatility:
0.8%
Market Cap:
$240.89 b
Vol. 24H:
$5.86 b
It was later converted to Bitcoin
BTC
$84 126
24-hour volatility:
0.1%
Market Cap:
$1.67 t
Vol. 24H:
$6.42 b
,Thailand
Thailand
$1.00
24-hour volatility:
0.0%
Market Cap:
$3.22 b
Vol. 24H:
$133.13 m
and other cryptocurrencies. They then moved across different networks to obscure the trails.
Crypto Exchange Bybit effectively maintains the platform stability despite major violations, while keeping the drawers open. The exchange ensured external liquidity through loans to continue operating along the way. On February 25th, Bybit began paying off these loans. This includes moving 40,000 ETH to Bidget.
Bybit’s aggressive measures will allow the platform to restore domestic services, in parallel with its recent registration with Indian authorities.
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Bhushan is a fintech enthusiast and has a good talent for understanding financial markets. His interest in economy and finance has attracted attention to new emerging blockchain technologies and cryptocurrency markets. He is constantly involved in the learning process and continues to motivate him by sharing the knowledge he has acquired. In his free time, he reads thriller fiction novels and sometimes explores his culinary skills.
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