Bybit CEO Reports 77% of $1.4B Stolen Funds Remain Traceable
Over 77% of the funds stolen in a hack on crypto exchange Bybit remain traceable. CEO Ben Zhou reported that approximately 20% have become untraceable.
- 417,348 ether (ETH), valued at about $1 billion, are traceable after being moved via THORChain.
- 79,655 ETH, worth $200 million, have "gone dark" through ExCH.
- 40,233 ETH, or $100 million, passed through OKX’s web3 proxy; 23,553 ETH ($65 million) remain untraceable.
- Hackers converted 83% of the stolen ETH (361,255 ETH; $900 million) into BTC, distributing it across 6,954 wallets.
- THORChain processed $4.66 billion in swaps in the week ending March 2, earning over $5.5 million in fees from illicit flows.
The hack was attributed to North Korean group Lazarus, which used malicious code to compromise a developer's device and steal nearly $1.5 billion in ETH. Bybit has since returned to a 1:1 backing of client assets, with over $400 million purchased through OTC trading and $300 million sourced directly from exchanges.