In a major development regarding the largest crypto heist in history, Bybit CEO Ben Zhou has revealed that nearly 89% of the $1.4 billion stolen funds remain traceable, offering hope for potential recovery. The February 21st hack, attributed to North Korea’s notorious Lazarus Group, continues to unfold with new details emerging about the attackers’ attempts to launder the stolen assets.
Key Findings from Bybit’s Investigation
According to Zhou’s detailed breakdown shared on March 20th:
- 88.87% of stolen funds remain traceable
- 7.59% have disappeared into the dark web
- 3.54% have been successfully frozen
- 440,091 ETH (worth $1.23B) converted to 12,835 BTC
- Funds distributed across 9,117 crypto wallets
The hackers have employed multiple cryptocurrency mixers in their attempts to obscure the trail, including Wasabi, CryptoMixer, Railgun, and TornadoCash. This pattern mirrors previous tactics used in other major crypto heists where sophisticated laundering techniques were employed.
Security Oversights and Preventive Measures
In a concerning revelation, Bybit executives admitted to ignoring critical security warnings months before the breach. The exchange had identified compatibility issues with their Safe system but failed to implement necessary upgrades.
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Recovery Efforts and Bounty Program
Bybit has launched an aggressive recovery strategy, including:
- 5,012 bounty reports received
- 63 valid leads identified
- Ongoing collaboration with blockchain analytics firms
- Enhanced security measures implementation
FAQ Section
What percentage of the stolen funds can still be recovered?
According to Bybit’s CEO, 88.87% of the stolen funds remain traceable, with potential for recovery.
How much cryptocurrency was stolen in the Bybit hack?
The total amount stolen was approximately $1.4 billion, primarily in Ethereum (ETH).
What methods are the hackers using to launder the stolen funds?
The attackers are utilizing multiple cryptocurrency mixers including Wasabi, CryptoMixer, Railgun, and TornadoCash.
As this situation continues to develop, Bybit has committed to maintaining transparency and implementing stronger security measures to prevent future incidents. The high percentage of traceable funds provides hope for potential recovery, though the challenge of decoding mixer transactions remains significant.