Bybit Theft Update: CEO Confirms Significant Portion Of Stolen $1.4 Billion Is Now Untraceable
Bybit reported a major hack linked to North Korean hackers, resulting in approximately $1.4 billion stolen, with $300 million converted into unrecoverable funds. CEO Ben Zhou's update indicated that 68.57% of the stolen assets remain traceable, while 27.59% are untraceable and 3.84% have been frozen. The untraceable funds primarily flowed into mixers, including Wasabi, before being moved to peer-to-peer (P2P) and over-the-counter (OTC) platforms. A significant portion of the stolen Ethereum, totaling 432,748 ETH (valued at around $1.21 billion), has been converted to Bitcoin via Thorchain. Bybit has received 5,443 bounty reports related to the hack, with 70 deemed valid, and is seeking community assistance in tracing the remaining stolen funds.
