Bybit Freezes $42M in Crypto Fraud, Halts $26M Meme Token Laundering

Bybit and Partners Freeze $42.89 Million in Illicit Crypto Funds

In a significant victory against cryptocurrency fraud, Bybit, in collaboration with Tether, THORChain, ChangeNOW, FixedFloat, Avalanche Ecosystem, CoinEx, Bitget, and Circle, successfully froze $42.89 million in illicit funds within a single day. This coordinated effort highlights the growing importance of cross-industry collaboration in combating cryptocurrency crime.

• Tether identified and froze 181,000 USDT.
• THORChain implemented blacklist prevention measures.
• ChangeNOW froze 34 ETH.
• FixedFloat prevented access to 120,000 USDC and USDT.
• Avalanche Ecosystem and CoinEx blocked blacklisted addresses, with Avalanche freezing 0.38755 BTC and CoinEx freezing 84 USDT.
• Circle provided crucial information and support.

Bybit commended its partners for their swift response, emphasizing the crucial role of rapid collaboration in maintaining crypto security.

$26 Million Meme Token Laundering Scheme Disrupted

Following a successful hack, the perpetrator attempted to launder funds through a newly created meme token, "QinShihuang." The perpetrator moved 60 SOL before deploying the token, which quickly reached a market capitalization exceeding $26 million. Thanks to the rapid response of the Solana Foundation (Lily Liu) and the Pumpfun team, this token was blocked and removed before further exploitation could occur.

The Importance of Industry Collaboration

This incident underscores the increasing sophistication of crypto-related crime and the critical need for collaborative efforts across the industry. Bybit's successful intervention, along with the support of its partners, demonstrates that proactive collaboration is essential for safeguarding the cryptocurrency ecosystem. Codeum, a blockchain security and development platform, provides critical services like smart contract audits, KYC verification, and custom smart contract development to protect against these types of threats. Our partnerships with launchpads and crypto agencies further strengthens the ecosystem's resilience.