Bybit CEO Reveals $1.4 Billion of Cryptocurrency Stolen, 77% of the Funds Can Be Recovered

Bybit CEO Ben Zhou has revealed that $1.4 billion of cryptocurrency is being tracked and out of that, 77% of the funds can be recovered.

Ben Zhou, CEO of Bybit, has disclosed that out of the $1.4 billion cryptocurrency stolen in the recent hack, 77% of the funds can be recovered. Over the next two weeks, hackers will attempt to move the funds through various channels, including centralized exchanges, over-the-counter (OTC) desks, and peer-to-peer (P2P) platforms.

Investigators are working closely with exchanges and blockchain analytics firms to intercept these laundering attempts before the funds are withdrawn or become less traceable.

In an executive summary of the hack shared on X, Zhou highlighted the role of Bitcoin conversion in the hackers’ strategy. The majority (83%) of the stolen assets, amounting to 417,348 ETH or approximately $1 billion, were converted into Bitcoin.

This conversion process involved 6,954 wallets, each holding an average of 1.71 BTC. Most of these conversions took place via ThorChain, which played a central role in facilitating illicit transactions.

Specifically, 361,255 ETH (about $900 million) was swapped through ThorChain, making it the main channel for laundering, and these transactions remain largely trackable. This allows investigators to potentially freeze the funds before they are fully scattered.

However, $172 million, about 79,655 ETH, has disappeared through ExCH, a platform that is currently under scrutiny, with authorities still awaiting further updates on these transactions.

Additionally, $100 million, worth 40,233 ETH, was routed through the OKX Web3 proxy, and out of this, $65 million of about 23,553 ETH is still untraceable.

In the effort to recover the stolen assets, 11 different parties have assisted in freezing funds. Key contributions came from Mantle, Paraswap, and blockchain investigator ZachXBT. Their efforts have resulted in identifying and freezing some illicit transactions, preventing hackers from getting to some of the funds.

As a result, Bybit and its partners have paid out $2.18 million in USDT as bounties to those who have provided help in the investigation. The bounty program remains active, and authorities are still seeking assistance in identifying laundering patterns.

In the coming days, laundering attempts could increase as the hackers attempt to clear funds through OTC and P2P networks. Authorities and blockchain forensics teams urge exchanges to implement stricter monitoring measures and freeze suspicious transactions before the funds become untraceable.