Bybit's CEO Ben Zhou reported that more than 20% of the stolen funds from the exchange hack have become untraceable due to mixing services.
Timeline of Events
Despite tracking efforts, about 77% of the stolen funds remain traceable. However, 20% have already 'disappeared'. The hack resulted in the loss of $1.4 billion, some of which have been frozen through partnerships with various platforms.
THORChain's Role in the Attack
The hacker used the THORChain protocol to convert the stolen Ethereum into Bitcoin. Approximately 83% of the funds were swapped into BTC across 6,954 wallets. This caused criticism towards THORChain for its inability to prevent laundering of stolen funds through their platform.
Current Actions and Outcomes
According to Ben Zhou, 72% of the stolen funds went through THORChain, yet remain traceable. Around 16% of the funds, totaling 79,655 ETH, 'disappeared' through centralized crypto mixers. Combined efforts have managed to freeze over $2.1 million thanks to various partners.
The Bybit hack situation continues to unfold, and efforts to recover funds are ongoing. Further updates are expected as investigations progress.
