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In an astounding breach that rocked the world of cryptography, Crypto Exchange Bybit reported significant developments following a major hack attributed to alleged North Korean pirates.
The incident, part of a record of $ 1.5 billion fearsaw hackers converted at least $ 300 million into irreparable funds. CEO Ben Zhou has provided a detailed update on the situation thanks to an article on the X social media platform (formerly Twitter).
The “4.21.25 Summary of Zhou executives on hacked funds” revealed The fact that the total stolen amount amounts to around $ 1.4 billion, mainly comprising around 500,000 Ethereum (ETH).
The rupture of the hacked funds indicates that 68.57% remain traceable, which suggests that a large part of the stolen crypto can always be followed by the blockchain.
Conversely, 27.59% have become dark, which means that these funds are no longer traceable and can be lost. In addition, 3.84% of funds were frozen, potentially due to interventions by law enforcement or regulatory organizations.
The funds that have been largely sunk in mixers—The services which obscure the origin of cryptocurrencies-before being moved by bridges to the platforms of Peer-to-Peer (P2P) and over-the-counter (OTC).
One of the mixers identified in the whitening of the stolen funds is Wasabi, linked to the Democratic People’s Republic of Korea (RPRC). According to Zhou, after a specific quantity of Bitcoin (BTC) treated via Wasabi, he subsequently entered other mixing services such as cryptomixer, Tornado Cash and Railgun.
The pirates would have used various transversal and exchanges, notably Thorchain, Exch, Lombard, Lifi, Stargate and Sunwap, to facilitate the movement of assets.
The ultimate destination for these funds seems to be Fiat OTC or P2P currency exchange services, which allow the conversion of cryptocurrencies to traditional currencies without the need for a centralized exchange.
The update also highlights the fate of stolen assets. A substantial part of Ethereum was transferred, with 432,748 Ethn– About 84.45% of the total – estimated about $ 1.21 billion, converted from Ethereum to bitcoin via Thorchain.
Of this amount, 67.25% (342,975 ETH, worth around 960.33 million dollars) were converted to 10,003 BTC, distributed on 35,772 portfolios with an average of 0.28 BTC each.
Meanwhile, 1.17% (5,991 ETH, around 16.77 million dollars) remains on Ethereum blockchain on 12,490 wallets, with an average of 0.48 ETH each. In terms of Bitcoin, 944 BTC – approximately 6.34%, valued at 90.62 million dollars – was sent to the Wasabi mixer, while 531 BTC (equivalent to 18,206 ETH, or 3.57%) were transferred from Bitcoin to Bitcoin to Bitcoin to Bitcoin to Ethereum Via Thorchain.
In light of the current survey, Bybit has received 5,443 bonuses related to hacking in the last 60 days, 70 of the people deemed valid. Zhou highlighted the need for greater community participation, inviting bonus hunters to help decode mixers and help retrace the remaining stolen funds.
Dall-e star image, tradingView.com graphic
post url: https://altcoin.observer/the-ceo-confirms-a-large-part-of-1-4-billion-stolen-is-now-not-found/