Elliptic Identifies Wallets Linked To Bybit Hack

According to ShibDaily, blockchain analytics firm Elliptic has released a public data feed identifying wallet addresses associated with the North Korean hacking group Lazarus, suspected of orchestrating the $1.4 billion Bybit hack. In response, Bybit, a cryptocurrency exchange, has launched a blacklist wallet API and a bounty program to aid in the recovery of the stolen assets. Elliptic's data feed aims to minimize exposure to sanctioned wallets and prevent the laundering of illicit funds within the crypto community. Elliptic reported that wallet addresses linked to the Bybit hack were identified and made available for screening within 30 minutes of the incident's announcement. Over 11,000 crypto wallets suspected of being connected to the hack have been identified by Elliptic’s intelligence API, with expectations that the number will increase as the investigation progresses. Bybit CEO Ben Zhou expressed gratitude for Elliptic’s support in tracking the stolen funds and announced a bounty initiative, urging the crypto community to assist in recovering the assets allegedly stolen by the Lazarus Group. Zhou emphasized Bybit's commitment to combating malicious actors in the industry. As the investigation into the Bybit hack continues, the exchange has implemented measures to maintain platform stability and reassure users. Despite the significant security breach, Bybit has continued processing withdrawals, demonstrating its dedication 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.