Bybit freezes $42.89M in illicit funds with industry partners, halting crypto fraud. Swift action also blocks $26M meme token laundering scheme.
In a significant move against crypto-related fraud, Bybit successfully froze $42.89 million in hqdk illicit funds within just one day. The collaboration between Tether and THORChain as well as ChangeNOW and FixedFloat with Avalanche Ecosystem and CoinEx and Bitget and Circle resulted in this accomplishment.
Every partner took responsibility in locating the suspicious funds followed by freezing them. Tether marked an address that led to the freezing of 181,000 USDT and THORChain performed a blacklist prevention. ChangeNOW managed to freeze 34 ETH while FixedFloat stopped 120,000 USDC and USDT from being accessed.
The combined actions of Avalanche Ecosystem and CoinEx included blocking the blacklist while Avalanche froze 0.38755 BTC and CoinEx froze 84 USDT. Circle intervened through essential connections while providing vital information that proved vital to the operations.
Bybit praised these entities for their fast and immediate responses because security in the crypto field requires such quick collaborations.
Bybit Exploiter Moves 60 SOL, Launches $26M Meme Token
Data revealed that thieves used meme tokens to carry out their money laundering operations. The “Bybit Exploiter” entity moved 60 SOL from address 5STkQy…95T7Cq to 9Gu8v6…aAdqWS before the receiver deployed the “QinShihuang” token with 500,000 tokens available. The new token gained rapid popularity while trading beyond $26 million in value.
Bybit thanks Lily Liu, who leads the Solana Foundation, and members of the Pumpfun team because of their prompt reaction. Through immediate action, the teams blocked and removed the suspicious Solana-based token before hackers could continue exploiting the ecosystem.
The incident demonstrates escalating threats in the crypto sphere as well as the necessity for nationwide cooperation between industry members. Bybit combined forces with its partners to prove that early intervention can break away criminal activities after Bybit hacks and secure digital wealth markets. Security and trust within the crypto realm demand ongoing collaboration and strict vigilance to keep advancing.
