Bitrace predicts that OTC services could face a massive freezing wave after a massive bi-bit hack.
Bitrace, a joint crypto tracking and analytics platform, could see mass freezes on the horizon of commercial and OTC products and services after the aftermath of a Bibit Hack, which is thought to be carried out by a group of North Korean hackers. We warned users that it was sexual. , the Lazarus Group.
“In the coming months, there will be a massive freezing wave targeting OTC groups and crypto payment companies,” Bitrace says in the translated analytics article.
Bybit Hack has outperformed previous hacks with previous losses, including a $610 million hack on Poly Network in 2021 and a $620 million loss on exploits in 2022, making Bybit Hack the “Cryptocurrency History” “The largest single theft of the stolen.”
The analytics company has revealed examples of past exploits by the Lazarus Group, including last year's attack on Japanese cryptocurrency exchange DMM and the 2023 Poloniex breach. It will have a major impact on the crypto industry.
Through the investigation, Bitrace discovered that hackers tend to use stolen platforms and mixers to wash stolen funds. Hackers also use centralized platforms and OTC merchants to process the funds.
As a result, numerous user accounts in major exchanges have been deliberately or unintentionally received stolen funds. These accounts were subject to risk control, leading to business addresses of OTC merchants and payment institutions that Tether (USDT) freezes after major hacking.
An attack on Bibit was discovered after the exchange detected an illicit transfer from an Ethereum (ETH) cold wallet. Bybit then began investigating the transfer and partnered with blockchain forensics experts to track stolen assets.
As previously reported by crypto.news, Bybit CEO Ben Zhou claimed that the exchange successfully recovered the losses it had suffered from the hack within two days. He also told traders that an audited record planning report will soon be released to show that the exchange has “closed the ETH gap completely.”
