Bybit CEO Ben Zhou reveals that more than two-thirds of the $1.4 billion in cryptocurrency stolen from the exchange in February remains traceable.

The hack, attributed to North Korea's Lazarus Group, is the largest crypto exchange breach in history.

A new executive summary from Bybit CEO Ben Zhou has shed light on the latest developments in tracking down the cryptocurrency stolen from the exchange in February.

Out of the total hacked funds of $1.4 billion, which were also mentioned in a previous report by Chainalysis, around $960 million have gone dark, while $440 million have been frozen, according to Zhou’s summary.

The vast majority of the stolen cryptocurrency was laundered through various mixing services.

“Recently, we have observed that the mixer mainly used by the DPRK is Wasabi, and a small portion of it entered CryptoMixer, Tornado Cash, and Railgun after mixing BTC,” Zhou stated.

Of the stolen Bitcoin, about 944 BTC (roughly $90 million) went through the Wasabi mixer, and the hackers performed multiple cross-chain swaps through platforms like THORChain, eXch, Lombard, LI.FI, Stargate, and SunSwap.

About 432,748 ETH (84% of the total stolen funds), valued at around $1.21 billion, was transferred from Ethereum to Bitcoin via THORChain. Around two-thirds of that amount – approximately $960 million worth of Ether – was converted into 10,003 BTC, spread across 35,772 wallets.

Zhou reported that roughly $17 million worth of Ether remains on the Ethereum blockchain, distributed across 12,490 wallets.

To encourage recovery efforts, Bybit launched the Lazarus Bounty program, offering $140 million in rewards for information leading to frozen funds. So far, the exchange has paid out $2.3 million to 12 bounty hunters.

Most of this reward money went to one entity – the Mantle layer-2 platform. Their efforts resulted in freezing funds valued at $42 million.

“We welcome more reports, and we need more bounty hunters that can decode mixers, as we need a lot of help there down the road,” Zhou said.

The exchange reported receiving 5,443 bounty reports over the past 60 days. However, only 70 of these reports were deemed valid.

Earlier this week, eXch crypto exchange announced it would shut down on May 1. This announcement came amid reports claiming the firm was used to launder funds from the Bybit hack.

Bybit continues to trace the majority of the stolen funds, with approximately $1.2 billion still being tracked. However, the sophisticated laundering techniques employed by the Lazarus Group present ongoing challenges for recovery endeavors.