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# Unmasking the Bybit Hack – The Largest Crypto Breach in History
The cyber world was rocked on February 21st with what is touted as the most massive cryptocurrency breach in history. The popular crypto exchange, Bybit, reported a loss exceeding $1.4 billion, primarily in Ether. Trusted authorities’ probe traced the heist back to North Korea’s Lazarus Group.
The crypto exchange seemed to have overlooked security vulnerabilities, providing an easy playing field for the group to compromise the cold wallet. Ben Zhou, of Bybit, revealed in his posts on Twitter/X that approximately 88.87% of the stolen funds remained traceable.
## The Lazarus Group’s Modus Operandi
In a March 20th post on Twitter/X, Zhou provided insights into the company’s internal investigations around the hacking. He disclosed that the hackers deployed several Bitcoin mixers, including CryptoMixer, Railgun, Wasabi, and TornadoCash, to camouflage the stolen funds.
While around 88.87% of the stolen $1.4 billion is traceable, 7.59% of it has disappeared, and 3.54% is frozen. Zhou indicated that the erstwhile hackers had converted 82.29% (440,091 Ether) into 12,835 Bitcoins distributed across 9,117 crypto wallets.
## A Call to Arms to Track the Missing Funds
Zhou, in the same Twitter/X post, shared that the hackers transferred around 193 Bitcoins to the Wasabi Mixer. After the funds were mixed, they were distributed to various P2P vendors.
Anticipating a continuation of this trend, Zhou acknowledged the complicacy of decoding these mixer transactions. Accepting this challenge, he called on the public to assist in the endeavor. Over the previous month, the exchange received 5,012 bounty reports, of which 63 have been validated. The CEO re-emphasized the need for more bounty hunters to resolve the hacking issue.
## Ignoring the Warning Signs
Zhou confessed during an interview that they had been alerted to the platform’s security flaws months before the breach. He further admitted that their Safe was no longer compatible with the exchange’s security infrastructure about three to four months before the incident.
Despite admitting that they could have replaced the Safe earlier, he conceded that they are now considering this option. Rahul Rumalla, Safe’s chief product officer, defended the product and company while announcing new security features.
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### Is Fantom (FTM) a good long-term investment?
Fantom (FTM) has attracted attention due to its scalable infrastructure and low transaction fees. However, it is necessary to conduct an in-depth analysis of market dynamics, development updates, and its position in the competitive landscape before making an investment decision.
