Over $380 Million in Crypto from Bybit Hack Now Untraceable
Bybit CEO Ben Zhou reported that 27.95% of the $1.4 billion stolen by the Lazarus Group is now untraceable.
- Total hacked funds: $1.4 billion (approx. 500,000 ETH)
- 68.57% of funds remain traceable
- 27.59% have gone dark
- 3.84% are frozen
The untraceable funds were sent to mixers and moved through bridges to P2P and OTC platforms. Notable mixers used include Wasabi, Railgun, Tornado Cash, and CryptoMixer.
Cross-chain swaps were executed via platforms such as Thorchain and eXch, converting illicit funds into liquid assets.
Of the hacked funds, 432,748 ETH (84.45%) was converted to bitcoin through Thorchain, with 67.25% (342,975 ETH) turning into 10,003 BTC across 35,772 wallets.
Additionally, 5,991 ETH (about $16.77 million) remains on the Ethereum blockchain across 12,490 wallets.
The Lazarus Bounty initiative received 5,443 reports in two months, with 70 validated. Zhou emphasized the need for more bounty hunters to tackle mixer decoding challenges.