Michaela
Blockchain analytics firm Elliptic has published a publicly accessible data feed identifying wallet addresses linked to the North Korean hacking group Lazarus, which is suspected of orchestrating the $1.4 billion Bybit hack.
In an effort to recover the stolen funds, Bybit, a crypto exchange, has launched a blacklist wallet application programming interface (API) and a bounty program to incentivize tracking the missing assets. Simultaneously, Elliptic released its public data feed with the aim of reducing exposure to sanctioned wallets and preventing the laundering of illicit funds within the crypto community.
According to the analytics firm, wallet addresses linked to the Bybit hack were identified and made available for screening within just 30 minutes of the incident’s announcement.
Over 11,000 crypto wallets suspected of being connected to the Bybit hack have been identified by Elliptic’s intelligence API, with investigators expecting the number to rise as the probe continues.
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Bybit CEO Ben Zhou expressed appreciation for Elliptic’s assistance in tracking the stolen funds. “[Thanks] to the Elliptic team for putting up a real-time Bybit exploit data, really appreciate the effort and work put into helping us,” Zhou wrote.
Additionally, Zhou unveiled a bounty initiative, calling on the crypto community to assist in tracking and recovering funds allegedly stolen by the Lazarus Group. The CEO openly called for a “war against Lazarus.”
Bybit has deployed a dedicated team to oversee and continuously update the website for its bounty program. Zhou emphasized that the exchange remains committed to its efforts, stating it will persist until the Lazarus Group and other malicious actors in the industry are eradicated.
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As the investigation into the $1.4 billion Bybit hack unfolds, the exchange has implemented measures to maintain platform stability and reassure users. Despite the significant security breach, Bybit continued processing withdrawals, demonstrating its commitment to operational continuity.
To sustain liquidity and prevent disruptions, the exchange secured external funding through loans, ensuring it could meet withdrawal demands while working to recover the stolen assets.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
