Bybit Details Movement Of Hacked Assets in Staggering $1.5B Crypto Heist

In a staggering breach that rocked the crypto world, crypto exchange Bybit has reported significant developments following a major hack

Crypto exchange Bybit has provided an update on the major hack attributed to alleged North Korean hackers. The incident, part of a record-breaking $1.5 billion crypto heist, has seen hackers convert at least $300 million into unrecoverable funds.

The exchange’s CEO Ben Zhou provided a brief update on the situation through a post on social media platform X (formerly Twitter).

A Massive Hack In Record Time

Earlier this year in March, Chainalysis reported that North Korean hackers stole a record-breaking $1.28 billion in cryptocurrency during the first quarter of 2024.

The hackers’ main targets were Web3 protocols and DeFi platforms, with the stolen funds largely remaining uncaptured.

However, at least $300 million of the stolen cryptocurrency has since been converted into largely unrecoverable funds.

The reported figures indicate that 68.57% of the hacked funds are still traceable. These funds are largely being moved through mixers before being put through bridges to P2P and OTC platforms.

One of the mixers identified in the laundering of the stolen funds is Wasabi, which Chainalysis previously linked to the DPRK. After a specific amount of BTC was processed through Wasabi, it subsequently entered other mixing services such as CryptoMixer, Tornado Cash, and Railgun.

The hackers utilized various cross-chain and swap services, including Thorchain, eXch, Lombard, LiFi, Stargate, and SunSwap, to move the assets. The final destination for these funds appears to be OTC or P2P fiat currency exchange services.

The reported figures indicate that 27.59% of the hacked funds have gone dark while 3.84% of the funds have been frozen.

In total, the reported figures indicate that approximately $1.4 billion in crypto was hacked, primarily around 500,000 ETH.

A Substantial Portion Of ETH Converted To BTC

The update also revealed that a portion of the stolen crypto has been recovered.

Out of the 432,748 ETH (about 84.45%) that was converted from ETH to BTC via Thorchain, 67.25% (342,975 ETH) has been converted into 10,003 BTC which is distributed across 35,772 wallets with an average of 0.28 BTC each.

This portion of the stolen crypto is now largely lost as it cannot be easily traced.

Meanwhile, 1.17% (5,991 ETH) remains on the Ethereum blockchain across 12,490 wallets at an average of 0.48 ETH each.

In terms of Bitcoin, 944 BTC has been sent to the Wasabi Mixer while 531 BTC (equivalent to 18,206 ETH) has been transferred back from Bitcoin to Ethereum via Thorchain.

In other news, Bybit has reportedly received 5,443 bounty reports in the past 60 days, with 70 of those deemed valid.

Those interested in assisting in the recovery of the remaining stolen funds are invited to help decode mixers and trace the remaining stolen funds.