Bybit Hack: $1.4B Stolen, 77% Traceable, 20% Laundered
1min read Bybit, a leading cryptocurrency exchange, has recently been the target of a significant hack, resulting in the theft of approximately 500,000 ETH, valued at around $1.4 billion. The company's CEO, Ben Zhou, has provided an update on the situation, revealing that 77% of the stolen funds are still traceable, 20% have been laundered on the black market, and 3% have been frozen.
The hacker primarily converted the stolen ETH into BTC through 6,954 wallets, with each wallet holding an average of 1.71 BTC. The next two weeks are crucial for freezing the funds as they will start moving through exchanges, OTC trades, and P2P settlements. The hacker mainly used THORChain to launder ETH into BTC.
According to Zhou, 361,255 ETH, or $900 million, accounting for 72% of the stolen funds, was laundered through THORChain and is traceable. Additionally, 79,655 ETH (approximately 16% of the funds) was laundered through ExCH and is currently awaiting updates. Furthermore, 40,233 ETH, or $100 million, representing 8% of the stolen funds, was laundered through OKX Web3 proxy. Of this amount, 16,680 ETH is traceable, while the remaining 23,553 ETH, or $65 million (about 5%), is untraceable and requires information from the OKX Web3 Wallet.
The company is actively working with law enforcement and other relevant parties to recover the stolen funds and bring the hacker to justice. Zhou has assured users that Bybit is committed to enhancing its security measures to prevent such incidents in the future.
