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The crypto industry is rallying to recover funds stolen in the $1.5 billion Bybit hack, with exchanges freezing nearly $43 million just two days after the attack.
A coordinated effort among centralized and decentralized platforms has led to the swift blacklisting of hacker-linked addresses, blocking stolen assets across multiple chains.
Exchanges act fast to contain Bybit hack fallout
According to a Bybit statement on X (formerly Twitter), $42.85 million in stolen funds has been frozen across multiple platforms.
A coordinated effort led to the freezing of $42.89M in just one day. Thanks to the following teams for their swift action: @Tether_to: Flagged address and froze 181K USDT @THORChain: Blocked the blacklist @ChangeNOW_io: Froze 34 ETH @FixedFloat: Froze 120K USDC + USDT…
THORChain blacklisted addresses tied to the attack, while Coinex provided key intelligence to assist in tracking the stolen assets.
Several exchanges also took direct action:
- ChangeNow froze 34 ETH ($97,000) linked to the hack.
- Avalanche restricted access to 0.38755 BTC ($37,124).
- FixedFloat blocked 120,000 USDC and USDT stablecoins.
- Bitget and other centralized exchanges followed suit with similar restrictions.
Bybit acknowledged the swift response, stating, “Respect to their teams for their timely responses. They helped us monitor and block the blacklisted addresses.”
Additionally, Tether and Circle are flagging suspicious addresses, with Tether freezing 181,000 USDT tied to the exploit.
Bybit strengthens security amid hacking concerns
As law enforcement agencies and crypto firms work to recover funds, Bybit is taking proactive steps to secure its platform.
The exchange, in partnership with Solana Foundation President Lily Liu and Pump.fun, removed a Solana-based token linked to hacker groups.
Onchain data suggests the North Korean Lazarus Group is moving funds to Solana and using fake KYC credentials to access exchanges.
Bybit also warned users about scammers impersonating exchange officials to steal sensitive data.
“Bybit will never ask for your info, deposits, or passwords,” the exchange cautioned. “Always double-check official sources and report anything suspicious.”
Meanwhile, Ethereum developers are debating a potential blockchain rollback to reverse the attack’s damage, though such a move remains controversial.
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