Bybit CEO Ben Zhou reported that $280 million out of the $1.4 billion stolen have been laundered. The remaining funds are available for possible recovery.
Bybit Hack: Incident Details
Around 500,000 ETH were stolen during the February Bybit hack. Hackers converted $1 billion into Bitcoin, distributing funds across nearly 7,000 wallets, complicating tracking and asset recovery.
Asset Recovery Efforts
Investigators have frozen $42 million, while bounty hunters have earned $2.1 million for their role in tracing and securing stolen funds. Bybit engaged ZeroShadow to conduct forensic investigations and maximize recovery efforts.
Platforms Used for Laundering
Hackers utilized the decentralized exchange THORChain and other platforms such as ExCH and OKX Web3 Proxy to cash out stolen ETH and BTC. Investigators are now coordinating with these platforms to freeze any remaining assets.
The Bybit attack highlights the challenges in tracking stolen cryptocurrency, as hackers employ complex laundering routines. The investigation team prioritizes asset freezes to prevent the final loss of funds.
