ZachXBT Just Tracked the Bybit Hack Funds—Who’s Really Behind It?

On February 21, ByBit experienced the largest hack in crypto history, with attackers stealing a significant amount of ETH and stETH assets from the exchange. Fortunately, ByBit survived the hack and closed the Ethereum gap in 2 days.

But who is behind the ByBit attack?

ZachXBT’s ByBit Hack Investigation 

ZachXBT is a top source people turn to for everything connected with fraudsters, hacks, and scams, thanks to his detailed and in-depth research.

By analyzing transactions linked to the ByBit hack, he identified the North Korean hacker group Lazarus behind the heist. Hackers used the centralized crypto mixer eXch to launder stolen assets.

But that’s not all ZachXBT revealed.

The investigator’s recent findings show that the laundering entity behind the ByBit hack may have been active on the memecoin platform Pump.fun, launching and trading memecoins.

As if this year could not get any more strange, we have an entity laundering for the Bybit hack who launched / traded Pump Fun meme coins.

– ZachXBT wrote on his Telegram channel @zachxbt.

Several involved addresses interacted with each other like this: First, the attacker received $1.08M from the Bybit hack to address A and bridged USDC stablecoins to Solana. Then, they moved the USDC from Solana to Binance Smart Chain (BSC), splitting it across two addresses.

Through the next several transactions, the stablecoins were split between more than 30 addresses and bridged back to Solana.

Along the way, a few addresses got a little extra from meme coin scammers, and the person laundering the funds even ended up with meme coins for SOL.

The involvement with Pump.fun means that some of the stolen funds might have been funneled into speculative trading, potentially inflating certain tokens or benefiting bad actors within the memecoin space.

It also raises questions about whether the hackers were merely using the platform as another layer of obfuscation or if they were actively trying to profit from meme coin volatility. If that’s the case, it wouldn’t be the first time stolen funds ended up influencing crypto markets in unexpected ways.

Previously, ZachXBT published a list of more than 920 addresses connected to the hack. Data showed that the ByBit hack was connected to other major hacks, including those of BingX and Phemex.

ZachXBT Receives Fans’ Admiration Once Again 

In the comments of his ByBit investigation post, followers expressed their admiration for the work of the blockchain investigator.

dude, you just don’t stop. It’s inspiring… impressive… absolutely needed,” said @mintfaced, adding that ZachXBT will go down in history as “the lone sheriff on the crypto rails of financial history.

Others called the investigator a legend, the GOAT, Batman, and someone who does the work of God.

ZachXBT has built a reputation rivalling entire cybersecurity firms. His deep-dive investigations have helped recover stolen funds and exposed countless scammers, making him one of the most respected figures in blockchain forensics.

Related: eXch Caught in Crypto Crime Allegations—Bybit Hack Connection?