A race against time: How Elliptic’s real-time intelligence is recovering funds from history’s largest crypto hack
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Last week, the crypto world was shaken to its core when hackers executed a sophisticated attack on Bybit's cold wallet system, making off with $1.46 billion in digital assets. This wasn't just another crypto hack. It was the largest cryptocurrency theft in history and potentially the largest single theft of any kind ever recorded. In this article, we outline how Elliptic's real-time intelligence not only tracked these stolen funds, but has already led to some recoveries.
Real-time intelligence for real results
As the attackers rapidly began moving and laundering the money, Elliptic's real-time blockchain intelligence system sprang into action. Within 18 minutes of Bybit's public confirmation of the hack, we had identified and labeled the initial associated addresses in our system. However, that is only the first step in preventing exposure to these stolen funds.
When dealing with sophisticated actors, every second counts. Legacy blockchain analytics tools can take hours to propagate risk …
Real-time intelligence for real results
As the attackers rapidly began moving and laundering the money, Elliptic's real-time blockchain intelligence system sprang into action. Within 18 minutes of Bybit's public confirmation of the hack, we had identified and labeled the initial associated addresses in our system. However, that is only the first step in preventing exposure to these stolen funds.
When dealing with sophisticated actors, every second counts. Legacy blockchain analytics tools can take hours to propagate risk …