Bit is offering a $ 140 million award for recovering funds after Mega Cripto-Heist

Bibit offered a prize of 10% of any feedback, in the offer to return some of the $ 1.4 billion cryptocurrency that was stolen at the end of last week.

In what is described as the largest crypto stealing, Lazarus Group North Korea is suspected that Etherm attack was conducted on Dubai Exchange 21. February 21.

“Bibit discovered an unauthorized activity involving one of our EST multilayer cold wallet. Unfortunately, this transaction is manipulated with a sophisticated attack, which masked the signing interface, displays the correct address has changed the basic logic of the smart contract, “Bitibt explained in the post to KS (formerly twitter).

“As a result, the attacker could gain control over the affected EM cool wallet and transfer his tread in an unidentified address. Our security team, together with leading consensic experts and partners, actively investigates the incident,” the company said.

Read more about CRIPTO Heists: Attackers steal $ 618 million from the CRIPTO company.

The Elliptić Blokcaina Analysis Firm explained that the actors of the threat were working through the known process of laundering money after theft.

“The first step is to exchange any stolen tokens for” parent “blocks such as ether. This is because in some cases they can” freeze “wallets containing stolen property, until there is a central party that can Freeze ether or bitcoin “, it is said.

“That’s exactly what happened in the minutes after the stealing of Bibite, with hundreds of millions of dollars in stolen chips such as Steth and CMETH exchanged for ether.”

The two phases includes “layers” of stolen funds to officially transact track, complicating efforts to monitor long enough for actors not to be enabled.

“Lazarus is currently engaged in this second phase of washing. Within two hours theft, stolen funds were sent to 50 different wallets, and each has about 10,000 ETE,” Elliptić continued.

“This is now systematically discharged – from 10. From 10. February UTC, 10% of stolen property (now worth 140 million) are moved from these wallets.”

Once moving out of these wallets, Lazarus can use decentralized exchange, bridges in transverse chain and centralized exchange to further wash funds, as well as mixers and an exchange called anonymously to enable users anonymously.

Meanwhile, Bibit promised up to $ 140 million to “reward ethical cyber and network security professionals who play an active role in taking stolen cryptocurries in the incident.”

He praised the work of industrial groups that gathered to help traces, block and recover some of the stolen funds. For example, the Met Protocol team successfully recovered 15,000 CMETH tokens worth about $ 43 million, Bibit said.

The second largest in the world CRPTOCURRENCI also published a new APIwho said to update the list so far the identified addresses of suspicious wallets and assist in simplifying recovery effort.

Bibit said that he also planned Hackbouti platform, which is currently developing, designed to strengthen the entire hacker tracking industry.

The CRIPTO community continues to face cyber challenges

Santiago pontroli, Acronis acquent researcher, said that the incident itself emphasizes the current security challenges facing the crypto.

“In this case, a combination of social engineering and malicious, but the adjusted Smart contract received the kingdom of the kingdom,” he added.

“It enhances the importance of maintaining control via private keys vulnerabilities related to the risk vulnerabilities. Also emphasizes the critical need for incentives, because the blind acceptance of smart contracts can open the door to malicious feats.”

Bibit promised not to leave customers from the incident pocket. Monday morning, K was “close to 100% on our ETH reserves,” with deposits and pulling back to normal.

“I cancel me amazing chain in a chain and in real life. This can be a transformative moment for our industry if we can build a stronger defense system against cyber threats,” Ben Zhou, co-founder and CEO of Bibita.