Crypto Daily Recap: Bybit Traces Stolen Funds, Bitget Halts VOXEL Trading, Dogecoin Celebrates Dogeday
Crypto Market Pulse: Key Updates for April 21st
The cryptocurrency landscape remains as dynamic as ever. Today’s key developments include significant progress in tracing funds stolen in a major exchange hack, swift action by another exchange to correct market irregularities, and a unique community celebration for a popular memecoin. Here’s a breakdown of what happened in crypto today.
Bybit CEO Confirms Two-Thirds of Lazarus Hack Funds Still Traceable
In a significant update regarding a major security breach, Bybit co-founder and CEO Ben Zhou provided details on the status of funds stolen by the notorious Lazarus Group in February. According to Zhou’s executive summary shared on X (formerly Twitter), the situation regarding the $1.4 billion hack is as follows:
- 68.6% ($960.4 million) remains traceable.
- 27.6% ($386.4 million) has “gone dark,” likely obscured through sophisticated laundering techniques.
- 3.8% ($53.2 million) has been successfully frozen.
Zhou elaborated on the methods used by the hackers to obfuscate the stolen assets. A significant portion of the untraceable funds were processed through crypto mixers, designed to break the on-chain link between transactions. Subsequently, these funds were moved through cross-chain bridges and potentially cashed out via peer-to-peer (P2P) or over-the-counter (OTC) platforms.
Specific details revealed include:
- 944 Bitcoin (BTC), valued at approximately $90 million, were laundered using the Wasabi mixer.
- A massive 432,748 Ether (ETH), worth around $1.21 billion (constituting 84% of the stolen ETH), was swapped from the Ethereum network to Bitcoin via the THORChain cross-chain protocol.
- Roughly two-thirds of this swapped ETH (approx. $960 million) was converted into 10,003 BTC across an extensive network of 35,772 wallets.
- Around $17 million worth of ETH still resides on the Ethereum blockchain, distributed across 12,490 wallets.
This update highlights the ongoing challenges and complexities involved in tracking and recovering stolen digital assets in the decentralized world, but also shows significant progress in monitoring the illicit fund flows.
Bitget Rolls Back Trades Following VOXEL-USDT Market Anomaly
Cryptocurrency exchange Bitget took decisive action after identifying “abnormal trading activity” within its VOXEL-USDT perpetual futures market. The irregularity occurred during a brief window between 8:00 and 8:30 UTC on April 20th.
In response, Bitget announced it would be rolling back accounts affected by the trading discrepancy within the next 24 hours. CEO Gracy Chen clarified that the issue was confined to the specific trading pair and involved funds traded between users, not impacting the exchange’s own funds or overall platform security. “All user funds are safe,” Chen assured.
Furthermore, Bitget is implementing a compensation plan for traders who incurred losses due to this market irregularity. This incident underscores the importance of exchange monitoring systems and rapid response protocols to maintain market integrity, especially in the volatile perpetual futures market.
Dogecoin Community Celebrates “Dogeday” Amid ETF Anticipation
April 20th, widely known as “4/20,” has become an unofficial holiday for the Dogecoin (DOGE) community, dubbed “Dogeday.” This tradition gained popularity back in 2021, coinciding with International Weed Day, and continues to be a day of celebration and community engagement for DOGE holders worldwide.
Despite its origins as a joke or memecoin, Dogecoin has demonstrated remarkable staying power. It currently ranks as the eighth-largest cryptocurrency by market capitalization, boasting a value of around $23.3 billion. This resilience, according to intergovernmental blockchain expert Anndy Lian, is fueled by a potent mix of “community-driven enthusiasm, low entry barriers, and speculative appeal.”
However, Dogecoin is not without its critics. Its tokenomics, particularly the continuous issuance of 14.4 million new DOGE daily (equating to over $2.16 million in daily inflation at current prices), often draws criticism regarding its long-term value proposition.
This year’s Dogeday celebration occurs as the community eagerly awaits decisions on potential Dogecoin-related exchange-traded fund (ETF) applications, a development that could significantly impact the memecoin’s future adoption and price.
Looking Ahead
Today’s crypto news, covering security updates like
