Bybit hackers stole $1.4 billion in crypto, and 77% of the funds are still traceable, while 20% have gone dark and 3% have been frozen.
Efforts to freeze funds continue, and $2.1M was paid to bounty hunters.
A recent post from Ben Zhou, CEO of Bybit, provides an update on the status of $1.4 billion in stolen cryptocurrency. Zhou reveals that tracking shows that 77% of the stolen cryptocurrency remains traceable, 20% was lost permanently, and 3% was successfully frozen.
Most funds were converted from Ethereum (ETH) to Bitcoin (BTC), with significant amounts passing through decentralized and centralized platforms. Stolen cryptocurrency asset tracking and freezing operations continue despite difficulties as hackers attempt to launder the funds through exchanges, over-the-counter (OTC) platforms, and peer-to-peer (P2P) transactions.
Funds Movement and Laundering Techniques
Of the stolen 500,000 ETH, approximately 83%—equivalent to 417,348 ETH valued at around $1 billion—was convert
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