- About 77% of the $1.4 billion stolen crypto from Bybit is still traceable.
- Hackers funneled $900 million through ThorChain, while $172 million remains untraceable.
- Bybit and its partners have paid out $2.18 million in USDT as bounties to those who have helped in the investigation
Bybit CEO Ben Zhou has revealed that $1.4 billion of stolen cryptocurrency is being tracked and out of that, 77% of the funds can be recovered.
Zhou stated the next two weeks to be crucial as hackers attempt to move funds through various channels, including centralized exchanges, over-the-counter (OTC) desks, and peer-to-peer (P2P) platforms.
Zhou shared an executive summary of the hack on X. He mentioned that investigators are working closely with exchanges and blockchain analytics firms. The goal is to intercept laundering attempts before the funds are withdrawn or turned into less traceable assets.
Bitcoin Conversion Was Hackers’ Primary Tactic
According to Zhou, 83% of the stolen assets, equivalent to 417,348 ETH or approximately $1 billion, have been converted into Bitcoin. This conversion happened through 6,954 wallets, with each holding an average of 1.71 BTC.
Most of these conversions took place via ThorChain, which played a central role in facilitating illicit transactions. Specifically, 361,255 ETH (about $900 million) was swapped through ThorChain, making it the main channel for laundering.
These transactions remain trackable. This allows investigators to freeze funds before they are fully scattered.
Millions Lost Through ExCH and OKX Web3 Proxy
However, $172 million, about 79,655 ETH, has disappeared through ExCH, a platform under scrutiny, with authorities still awaiting further updates on these transactions.
Additionally, $100 million, worth 40,233 ETH, was routed through the OKX Web3 proxy, with $65 million of about 23,553 ETH still untraceable.
Related: FBI: North Korea’s “TraderTraitor” Gang Behind $1.5B Bybit Hack
Bounty Program Aided Fund Freezing Efforts
In the effort to recover the stolen assets, 11 different parties have assisted in freezing funds. Key contributions came from Mantle, Paraswap, and blockchain investigator ZachXBT. Their efforts have resulted in identifying and freezing some illicit transactions, preventing hackers from getting to some of the stolen funds.
As a result, Bybit and its partners have paid out $2.18 million in USDT as bounties to those who have provided help in the investigation. The bounty program remains active. Authorities are still seeking assistance in identifying laundering patterns.
Related: Binance’s CZ Criticizes Safe’s Bybit Hack Report as ZenGo Expands TRX Wallet Features
In the coming days, laundering attempts could intensify as the hackers attempt to clear funds through OTC and P2P networks. Authorities and blockchain forensics teams urge exchanges to implement stricter monitoring measures and freeze suspicious transactions before the funds become untraceable.
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