5 min read
Inside the Bybit recovery effort.
In February 2025 Bybit suffered the largest exchange hack in history, with more than $1.5B stolen. We were one of the private teams chasing the flow in real time.
The incident
Attackers drained a large Ethereum cold wallet and began splitting the funds across thousands of addresses within hours, then swapping and bridging them to slow investigators down.
Our role
We combined live on-chain forensics with our police liaisons across Dubai, the UK and APAC, flagging wallets as funds approached exchanges so venues could act before cash-out.
- ⏵On-chain forensics
- ⏵Mixer demixing
- ⏵Exchange liaison
- ⏵Police coordination
What it shows
Even at this scale, speed and relationships decide outcomes. The same playbook applies to individual cases. Figures reflect public reporting and our engagement scope.
Keep reading
Every mandate is independent and strategy is built around each client. Outcomes are not guaranteed.