Crypto Exchange Bybit Applauds Action Against Hackers

Crypto exchange Bybit has applauded Solana Foundation chairman Lily Liu and memecoin deployer Pump.fun for blocking tokens tied to the Bybit hackers.

In an X post, Bybit’s official handle applauded Liu and the Pump.fun team for their efforts in preventing North Korean hackers from laundering money through the protocol. The exchange lauded the move, noting it was an instance of proactive security measures.

Hackers Attempt Laundering Funds Through Pump.fun

Notably, with all centralized exchanges on the watch for inflows related to the multiple addresses Bybit hacker Lazarus Group split the funds into, the notorious gang has tried a new approach: meme coin deployment.

An address tied to the hack moved $1.08 million in USDC to “0x3639,” which bridged the tokens to SOL. After multiple transfers in an attempt to cover its tracks, the address finally split about 106,000 USDC among ten Solana wallets and started meme coin deployment.

One of the addresses, “5STkQy,” moved 60 SOL to the Solana wallet “9Gu8v6” and created a token QinShihuang (500000) yesterday. A report shows the asset traded over $26 million before the Pump.fun team swung into action and blocked the token.

At the time of writing, the address “9Gu8v6” holds 80.55 SOL (approximately $13,000). The Pump.fun team has also removed all tokens deployed by the address.

Bybit Hackers Solana Transactions

Aside from Pump.fun, other firms have also assisted in blocking hackers from laundering funds. Tether’s Paolo Ardoino tweeted that the stablecoin issuer had frozen 181,000 USDT tied to Bybit hackers.

Bybit CEO Shows Gratitude to a United Crypto Industry

Meanwhile, Bybit CEO Ben Zhou has expressed heartfelt gratitude to the crypto industry for rallying around the exchange during the turbulent times. He stated that the support showed strength in unity, asserting the sector can only grow bigger from here.

His post mentioned notable crypto exchanges like Bitget, MEXC, and Pionex. The CEO also applauded other firms like Tether, Solana, Ton Network, and SosoValue.

> Bybit is overwhelmed by all the support that we got from partners and industry friends during last night’s critical time. Here I want to say thanks to all the friends, partners who offered or helped us in any way or form. I am truly grateful. We will need a lot more help down the…
> — Ben Zhou (@benbybit) February 22, 2025

Moreover, Zhou disclosed that the massive support has seen Bybit refill its Ethereum stash. He revealed today that the exchange had replaced the $1.46 billion worth of Ether hacked on Friday, and the client’s assets are now 100% backed 1:1.

This came from OTC purchases, whale wallet supports, and exchange loans. For context, on Saturday, Bybit received over 88,000 ETH ($239 million) from Bitget and Binance as liquidity support to cushion the growing withdrawal requests at the time.