Bybit Reports Hackers Swapped $1.2 Billion in Stolen Funds to Bitcoin
Bybit CEO Ben Zhou provided updates on the exchange's $1.4 billion hack:
- 68.5% of stolen funds, approximately $960 million, are traceable.
- 27.5%, over $386 million, have gone dark.
- 3.84% of the assets have been frozen.
- Untraceable funds moved through mixers to P2P and OTC platforms.
- Northern Korean hackers used Wasabi mixer and other privacy tools for laundering.
- 84.4% of stolen assets, worth $1.2 billion, converted from Ethereum to Bitcoin via THORChain.
Since the hack in February, Bybit has shown signs of recovery:
- Partnered with Zodiac Custody to enhance security.
- Regained 7% market share, with a current daily trading volume of $1.9 billion.
- Ranked second on CoinMarketCap after Binance.
- Weekly traffic reached 3.5 million visits.
- Received over 5,400 bounty reports; only 70 valid.
- Established a $140 million bounty against the North Korean Lazarus Group.