Bybit CEO Ben Zhou has provided a detailed update on the $1.4 billion in cryptocurrency stolen from the exchange, highlighting the traceability and laundering methods of the hacked funds.
Zhou stated that 68.57% of the stolen $1.4 billion remains traceable, while 27.59% has "gone dark," likely moved to privacy platforms, and 3.84% has been frozen. The untraceable funds primarily flowed into mixers and P2P/OTC platforms, with 944 BTC ($90.62 million) passing through the Wasabi mixer.
Using Thorchain, hackers swapped 432,748 ETH ($1.21 billion) from Ethereum to Bitcoin. Of the total, 67.25% was converted into 10,003 BTC across 35,772 wallets, while 1.17% (5,991 ETH) remains on Ethereum across 12,490 wallets.
Additionally, 531 BTC was swapped back into 18,206 ETH via Thorchain, showing layered laundering tactics.
Bybit received 5,443 bounty reports to track the funds, but only 70 were valid, reflecting the challenges of such investigations. The hack underscores vulnerabilities in centralized exchanges and the sophistication of crypto laundering.
Bybit is working with analytics firms and law enforcement to recover the assets.
On-Chain Media will continue to monitor this story for updates.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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