The post ByBit Hack Update: Tracing the $1.4 Billion Stolen Crypto Funds appeared first on Coinpedia Fintech News
Two months after the biggest crypto hack in history, a fresh update from Bybit CEO Ben Zhou has brought a ray of hope. Out of the $1.4 billion in stolen ETH, 68.57% of the funds remain traceable, while 3.84% have been frozen. However, 27.59% have gone dark—likely laundered through mixers and bridges.
Bybit Hack: What Happened To Stolen Crypto?
On February 21, 2025, North Korea’s Lazarus Group exploited a free storage software tool used by Bybit, leading to the theft of 500,000 ETH. It marked the largest-ever crypto heist.
Movement of the Funds
After the hack, most of the stolen ETH was converted into Bitcoin via Thorchain:
432,748 ETH (~$1.21B) swapped into BTC.
342,975 ETH (converted into 10,003 BTC) distributed across 35,772 wallets.
944 BTC (~$90M) passed through Wasabi Mixer.
Some funds also flowed through CryptoMixer, Tornado Cash, Railgun, and bridgi
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