27% of $1.4B Bybit Hack Goes Dark

Alpha Team
April 21, 2025

Bybit Hack: New Fund Tracking Update

New Tracking Data: Bybit’s CEO Ben Zhou shared a recent update on the $1.4B hack by Lazarus Group, revealing 68.57% ($960M) of stolen funds are traceable, 27.59% ($386M) untraceable, and 3.84% ($54M) frozen. This shows progress in tracking the massive heist, with most funds still visible on the blockchain. “We’re fighting to recover every bit,” Zhou said, urging more help.

CEO’s Fund Details: Zhou detailed how hackers converted 432,748 ETH into 10,003 BTC, spreading it across 35,772 wallets using mixers like Wasabi and Tornado Cash, plus bridges like THORChain. “Decoding mixers is our biggest hurdle,” he said. The Lazarus Bounty program has received 5,443 reports, 70 valid, paying $2.3M to 12 hunters. Zhou calls for more trackers to join the effort to freeze funds.

Hack Backstory: The record-breaking $1.4B hack by North Korea’s Lazarus Group targeted Bybit’s cold wallet via a compromised Safe{Wallet} system. Using malware and social engineering, hackers tricked Bybit team members into approving a malicious transaction. The FBI called it the largest crypto heist ever. “It was a sophisticated attack,” Zhou noted. Join the bounty program at Bybit’s website to help recover funds. Read More.

️ On today's Top Picks:

💰 Strategy $MSTR buys an 6,556 Bitcoin $BTC for ~$555.8M.
✨ Vitalik Buterin proposes replacing EVM bytecode with RISC-V.
🪂 Hyperlane to launch $HYPER TGE & airdrop on April 22nd.
🪂 Zora to launch $ZORA TGE & airdrop on April 23rd.

Read time: ⏰ 5 minutes

Crypto News

• ⭐️ Strategy $MSTR buys an additional 6,556 Bitcoin $BTC for ~$555.8M at ~$84,785 per BTC; now holds 538,200 BTC worth ~$47B.

• ⭐️ Ethereum $ETH Co-founder Vitalik Buterin proposes replacing the current EVM bytecode with the RISC-V architecture; would improve the scalability of Ethereum’s execution layer.

• GSR leads $100M PIPE investment in Upexi $UPXI; to support its Solana $SOL based treasury strategy.

• Circle & BitGo to apply for US bank charters or licenses; Coinbase $COIN & Paxos are reportedly also considering.

• Movement Network $MOVE launches third-party review of external market maker practices following recent abnormalities; Groom Lake has been commissioned to conduct the review

• MANTRA $OM Founder John Patrick Mullin to burn his allocation of 150M tokens worth ~$82M; MANTRA crashed ~90% last week due to "reckless liquidations".

Alpha

• Weekly Airdrop Recap by Earndrop.

• Initia unveils $INIT tokenomics; 5% of total supply allocated for airdrop; TGE & airdrop claim launching soon.

• Sign unveils $SIGN tokenomics; 10% of total supply allocated for TGE airdrop, 30% allocated for community rewards & future airdrops; TGE & airdrop claim launching soon.

• Boundless launches Boundless Discord server; claim Early Berry role and Berry Harvester role if you minted a Boundless Berry NFT.

Airdrops

• ⭐️ Hyperlane to launch $HYPER TGE & airdrop on April 22nd; activity from March 1st & onwards counts toward eligibility for the next HYPER distribution.

• Binance launches Hyperlane $HYPER HODLer Airdrop; BNB Simple Earn and/or On-Chain Yields subscribers from April 14th to April 17th are eligible.

• ⭐️ Zora to launch $ZORA TGE & airdrop on April 23rd; Snapshot 1 & Snapshot 2 completed.

• ICYMI Weekly Airdrop Recap (April 11th) by Earndrop.

Finance News

• US Stock Market loses ~$1.5 Trillion; crypto market adds ~$60B.

• Gold surpasses new all-time high of ~$3,400; up ~30% year-to-date.

• China cuts off new investments in US private equity amid trade war.

• MetaPlanet $3350.T buys an additional 330 Bitcoin $BTC for ~$28.2M at ~$85,605 per BTC; now holds 4,855 BTC worth ~$426M.

• Key Events This Week by The Kobeissi Letter.

Security and Exploits

• ⭐️ Bybit Co-founder & CEO Ben Zhou reveals 68.57% of funds from recent ~$1.4B hack remains traceable; 27.59% has gone dark & 3.84% has been frozen.

• ZKsync $ZK identifies recent ~$5M hack was caused by a compromised airdrop admin key; offers 10% bounty to the attacker in exchange for the other 90% of funds.

Token Unlocks

• Official Trump $TRUMP / ~$300M / APR 19th
Sourced from Tokenomist

Funding

• ABCDE stops new investments & suspends fundraising for its second fund; to continue to support existing projects and manage exits.

• Euler $EUL raises an undisclosed amount in funding from Wintermute Ventures.

The Degen Farmer

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PROTOCOL	ASSETS	APY
Notional V3 (Ethereum)	PTUSDE26MAR2025	59.66%
Pendle (Ethereum)	SUPERUSDC	57.70%
Indigo (Cardano)	IUSD	28.06%
Spectra V2 (Ethereum)	SDOLA	18.32%
Curve DEX (Ethereum)	IDAIIUSDCIUSDT	15.37%
Echelon Market (Aptos)	USDCUSDT.X	14.18%
MIM Swap (Arbitrum)	MIMUSDT	14.12%
Stream Finance (Ethereum)	USDC	13.76%

. . .

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That’s it for today’s edition! See you soon.

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