Michaela
Bybit CEO Ben Zhou has disclosed that 88.87% of the $1.4 billion stolen in the Bybit hack remains traceable. The hack has been linked to North Korea’s Lazarus Group.
In a March 20 X post, Zhou disclosed that approximately $550,000 worth of Ethereum (ETH) remains traceable, while 7.59% of the stolen funds have become untraceable and 3.54% have been frozen.
Zhou further stated that 86.29% of the stolen assets — totaling 440,091 ETH, or roughly $1.23 billion — were converted into 12,836 Bitcoin and distributed across 9,117 wallets.
According to Zhou, the hackers utilized Bitcoin mixers to obscure the movement of stolen funds, relying on platforms such as Wasabi, CryptoMixer, Railgun, and Tornado Cash. After passing through these mixers, the laundered assets were funneled to various peer-to-peer vendors, further complicating efforts to track the transactions.
“We believe this trend will grow as more funds will go through mixers. Decoding mixer transactions is the no.1 challenge we face now. If you can help, please reach out,” Zhou wrote.
This development follows Bybit’s earlier report from two weeks ago, which stated that 77% of the stolen Ethereum remained traceable at the time.
Furthermore, Zhou reported that over the past 30 days, Bybit received 5,012 bounty submissions, with 63 of them deemed valid. “We welcome more reports, we need more bounty hunters that can decode mixers as we need a lot of help there down the road,” Zhou wrote.
Bybit has maintained a dedicated website to track wallet activity and keep users and investigators informed. The exchange has also offered a 10% bounty on any recovered funds, incentivizing white hat hackers and blockchain analysts to assist in the investigation.
The crypto exchange fell victim to a massive cyberattack in February. Zhou said that the attackers exploited vulnerabilities in the exchange’s Ethereum cold wallets to execute the theft.
The attack has reignited concerns over the growing cyber threat posed by state-sponsored hacking groups. Reports suggest that funds from such breaches may be used to finance illicit activities, including weapons development programs.
Read More
- North Korea’s Lazarus Group Expands Crypto Holdings After Bybit Hack
- Lazarus Group ‘Launders’ $1.5B Bybit Hack Funds Using THORChain DEX
- Bybit Hack: Investigators Track 11K Wallets Linked to Lazarus Group
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
