Bybit Tracks 88.87% of Stolen Funds Amid Hacker Mixer Use

Bybit, a leading cryptocurrency exchange, has provided an update on the status of funds stolen in a recent hack. According to Bybit co-founder Ben Zhou, 88.87% of the total stolen funds, valued at around $1.4 billion (500,000 ETH), remain traceable. This substantial portion of the stolen assets has been dispersed across various wallets and converted into different cryptocurrencies, complicating the recovery process.

The hackers have initiated the use of Bitcoin mixers, including Wasabi, CryptoMixer, Railgun, and TornadoCash, to transfer the stolen funds. Notably, 193 BTC from the stolen funds have been directed to Wasabi mixers and subsequently distributed to multiple P2P traders. This strategy has significantly increased the difficulty of tracing the funds, as decoding mixer transactions has become the primary challenge in the recovery efforts.

Ben Zhou highlighted the complexity of tracking funds through mixers and urged for more bounty hunters to assist in the tracking and decoding process. Over the past 30 days, Bybit has received 5,012 bounty reports, with 63 being validated. This demonstrates the community's active engagement in aiding Bybit's efforts to recover the stolen assets.

The situation illustrates the ongoing struggle between cybersecurity measures and the advanced tactics employed by hackers. As the cryptocurrency industry continues to develop, exchanges like Bybit face the challenge of protecting user funds while navigating the intricacies of blockchain technology and the dark web. The use of mixers by hackers underscores their determination to conceal their activities and evade detection, posing a significant hurdle for recovery efforts.