27.59% of Bybit’s stolen funds are untraceable, while 68.57% are still traceable

2025-04-21 03:30

Odaily News Bybit CEO Ben Zhou published a statement announcing the latest executive summary of the March 20th fund theft: The total amount of stolen funds reached $1.4 billion (about 500,000 ETH), of which 68.57% is still traceable, 27.59% is untraceable, and 3.84% has been frozen.
Analysis of capital flows:
Untraceable funds mainly flow to the mixer, and then transfer to P2P and OTC trading platforms through cross-chain bridges. Recent observations show that the North Korean hacker group (DPRK) mainly uses Wasabi mixers. After being cleaned by Wasabi, a small amount of BTC is transferred to CryptoMixer, Tornado Cash and Railgun, and then cross-chain exchange is carried out through platforms such as Thorchain, eXch, Lombard, LiFi, Stargate and SunSwap. Finally, it enters the OTC or peer-to-peer (P2P) fiat currency exchange service.
Where ETH is going:
432,748 ETH (84.45%, about $1.21 billion) were transferred from Ethereum to BTC through Thorchain. 67.25% (342,975 ETH, about $960 million) were converted into 10,003 BTC and distributed to 35,772 wallets (an average of 0.28 BTC per wallet); 1.17% (5,991 ETH, about $16.77 million) remained in 12,490 wallets on the Ethereum chain (an average of 0.48 ETH per wallet).
Where BTC goes:
944 BTC (6.34%, about US$90.62 million) entered the Wasabi mixer; 531 BTC (equivalent to 18,206 ETH, 3.57%) were transferred from the BTC chain back to Ethereum through Thorchain.
5,443 reports have been received in the past 60 days, of which 70 are valid, calling for more bounty hunters who can crack the mixer to join.