Major Cryptocurrency firms have started a coordinated defense after the recent security incident of Bibit.
The Exchange CEO, Ben Jhou, announced that several industry leaders have joined forces to track, include and reduce the impact of exploitation.
The response has united both centralized and decentralized finance sectors, in which major infrastructure providers have implemented immediate protective measures.
Orbiter, debridge, synfuts, myx, thruster, and owls went quickly to blacklist the address associated with exploitation. Channelis has provided significant support by monitoring and publishing the wallet address of the attacker.
Many blockchain security firms strengthened defensive efforts. The SIS Cross-Chain Bridge blocked the affiliated address to prevent asset laundering, while zero shadow activated its goal-fingering global response team for assistance with poor actor’s trading and law enforcement communication.
Institutional traders show support to bybit
The stability of the market with TMSI, Bayside Trading, Maithrix, Vermoot, Cumberland and GSR markets received significant support from institutional traders, who maintain their business positions.
Additional banking came from major industry players, including Antalfa Global, Bittet, Panex, MEXC, Galaxy Digital, Falcon, and major DEFI protocol lido Finance and Solan Foundation.
“While it has been a challenging period for Baibit, our partners have demonstrated unbreakable support.” “His faith and quick action speaks about the maturity and flexibility of this industry.” He emphasized that the incident has revealed the ability to unite against the common threats of the cryptocurrency sector.
The exchange has also gained support from its user base, showing patience with VIP customers and retail traders improves its safety infrastructure. Jhou also said: “This defined moment proves to be the strongest player of Crypto when it matters the most.”
Bybit has also announced a major recovery bounty program offering up to 10% of the money recovered after the theft of cryptocurrency.
“Within 24 hours of the incident, we were overwhelmed by the support of some of the best people and organizations in the industry, and we do not take it. We have shared in a dark moment of Crypto history, and we have proved that we are better than malicious actors, ”Jhou said.
He emphasized Bibit’s commitment to strengthen security and liquidity, promoting industry-wide cooperation.
So far, the on-chant explorer Zachxbt recognized North Korea’s Lazarus Group as the mastermind behind the hack.
The investigation shared that the hackers exploited the Ethereum (ETH) multicing cold wallet of the bibet during a regular transfer to the Warm Wallet in the exchange.
The attackers manipulated the signing interface, showing the underlying smart contract logic to display the right wallet address.
There is also Lazarus Group Joined together Last year’s DMM bitcoin exchange hack. In May, Japan -based DMM Bitcoin suffered a security violation, resulting in the theft of about $ 305 million.
Last July, India’s Wazirx Exchange was compromised, causing a loss of about 235 million dollars. This incident was also related to Lazarus.
