The recent Bybit hack revealed that 77% of the stolen funds are still traceable, according to CEO Ben Zhou. However, 20% of the funds have become untraceable, posing a challenge. Zhou highlighted the urgent need to freeze these funds as they flow through various channels like exchanges, OTC platforms, and P2P networks, with the hackers trying to launder and convert the money into cash.
The Urgency of Freezing Funds
Zhou stressed the critical nature of the current and upcoming week in preventing the laundering of the stolen funds. The efforts to track and freeze these funds are crucial in thwarting the hackers’ attempts to cash out.
🔍 Tracking the Stolen Funds
Despite the majority of the stolen funds being traceable, the challenge lies in preventing the conversion of the remaining untraceable portion. This requires swift and coordinated action across various platforms to halt the flow of illicit funds.
⚠️ Preventing Money Laundering
With the hackers actively trying to launder the stolen cryptocurrency, it is imperative for the crypto community to remain vigilant and cooperate in halting these illegal activities. Bybit and relevant authorities are working to ensure that the funds are not converted into traditional currency.
The Road Ahead
As the investigation continues and efforts to freeze the funds intensify, the next few days will be crucial in determining the success of preventing the hackers from profiting from their criminal activities.
🛡️ Safeguarding Crypto Assets
Ensuring the security and integrity of crypto assets remains a top priority for exchanges and the broader cryptocurrency ecosystem. By taking swift action to trace, freeze, and recover stolen funds, the industry demonstrates its commitment to protecting investors and maintaining trust.
Will the efforts to freeze the stolen funds be successful, or will the hackers manage to launder the remaining portion? Share your thoughts below!
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