Ben Zhou: Majority of Stolen Bybit Funds Remain Traceable

Approximately 89% of the funds stolen from Bybit, amounting to around 500,000 ETH, remain traceable, according to Bybit’s CEO Ben Zhou.

3.20.25 Executive Summary on Hacked Funds:
Hacker started to use mixers: 1. Wasbi 2. CryptoMixer 3. Railgun 4. TornadoCash
Total hacked funds of USD 1.4bn around 500k ETH. 88.87% remain traceable, 7.59% have gone dark, 3.54% have been frozen.
Breakdown: — 86.29% (440,091 ETH,…

— Ben Zhou (@benbybit) March 20, 2025

According to him, 7.6% of the funds have “gone dark,” while another 3.5% have been frozen.

The perpetrators from the Lazarus Group converted 86.3% of the coins (440,091 ETH) into 12,836 BTC across 9,117 wallets. They routed 193 BTC through the Wasabi Mixer and various P2P vendors.

Zhou noted that “decoding” transactions linked to mixers is one of the key challenges in tracking the funds.

In the past 30 days, Bybit received 5,012 bounty reports, 63 of which were found to be valid. Zhou urged the community to assist with the investigation.

Earlier, experts from CertiK recorded the transfer of 400 ETH (~$752,000), presumably linked to Lazarus, to the crypto mixer Tornado Cash.