🚨27.59% of Stolen Funds from Bybit Are Untraceable, 68.57% Still Traceable

Bybit @Bybit_Official CEO Ben Zhou @benbybit has released the latest executive summary regarding the fund theft incident on March 20th: The total amount of stolen funds reached $1.4 billion (approximately 500,000 $ETH). Of this, 68.57% is still traceable, 27.59% is untraceable, and 3.84% has been frozen.

Fund Flow Analysis:
The untraceable funds mainly flowed to mixers and then were transferred to P2P and over-the-counter (OTC) trading platforms via cross-chain bridges. Recent observations indicate that the North Korean hacking group (DPRK) primarily uses the Wasabi mixer. After being laundered by Wasabi, a small amount of #$BTC is transferred to CryptoMixer, Tornado Cash, and Railgun, and subsequently exchanged via cross-chain platforms such as Thorchain, eXch, Lombard, LiFi, Stargate, and SunSwap. Ultimately, the funds enter over-the-counter (OTC) or peer-to-peer (P2P) fiat currency exchange services.
$ETH Destination:
432,748 $ETH (84.45%, approximately $1.21 billion) was transferred from Ethereum to $BTC via Thorchain. Among them, 67.25% (342,975 $ETH, approximately $960 million) was exchanged for 10,003 $BTC, dispersed across 35,772 wallets (averaging 0.28 $BTC per wallet); 1.17% (5,991 $ETH, approximately $16.77 million) remains on the Ethereum chain in 12,490 wallets (averaging 0.48 $ETH per wallet).
$BTC Destination:
944 $BTC (6.34%, approximately $90.62 million) entered the Wasabi mixer; 531 $BTC (equivalent to 18,206 $ETH, 3.57%) was transferred back to Ethereum from the $BTC chain via Thorchain.
5,443 reports have been received in the past 60 days, with 70 being valid. There is a call for more bounty hunters who can crack mixers to join.