- Bybit CEO shared that 77% of stolen funds are still traceable while 20% went dark and 3% froze.
- On-chain data tracker, Ember reported that the Byit hack laundered all the stolen funds, i.e., 499,000 ETH.
The Bybit hack took a new turn as on-chain data tracker Ember reported that the hacker launched all the funds. Meanwhile, Bybit CEO Ben Zhou shared an executive summary on stolen funds. Out of the total stolen funds, 77% of them are still traceable, 20% of them went dark, and 3% were frozen.
Ben Zhou shared a complete breakdown of funds and their conversion into other cryptocurrency. 83% of the total hacked funds were converted into Bitcoin using 6,954 wallets. Ben stated that the coming couple of weeks are crucial in tracing the funds because the funds will start clearing at exchanges through P2P and OTC.
The Bybit hack worth around $1.4 billion has shook the industry, involving the North Korean hacker group. Instead of feeling perplexed, Bybit closed the ETH deficit within 48 hours to maintain liquidity and offer uninterrupted services.
Ember Reports The Hacker Laundered All the Stolen Funds of Bybit Hack
On-chain data tracker Ember reported that the hacker laundered all the stolen funds from the Bybit hack earlier today. It stated that the hacker took 10 days to clear all the stolen funds. Meanwhile, THORChain received $5.9 billion in transaction volume and $5.5 million in fees as the hacker used THORChain to launder the funds.
Bybit CEO Ben Zhou created the first of its kind Lazarusbounty.com website to share complete details regarding the stolen funds. 11 bounty hunters helped in freezing the funds and received a bounty of $2,178,797 USDT. Mantle, Paraswap, and ZachXBT are the major players among the 11 bounty hunters.
Out of the 20% funds that went dark, 16% of them went dark through ExCH exchange. The team needs an update from the OKX Web3 wallet to trace around 5% of the stolen funds. Since THORChain was used to clear most of the funds, the team can trace 72% of the stolen funds through this platform.
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