Bybit CEO: Over Half of Stolen Assets Remain Traceable

According to Bybit CEO Ben Zhou, 68.6% of the approximately 500,000 ETH stolen in the Bybit hack remain traceable, 27.6% have “gone dark,” and 3.8% have been frozen.

4.21.25 Executive Summary on Hacked Funds:
Total hacked funds of USD 1.4bn around 500k ETH. 68.57% remain traceable, 27.59% have gone dark, 3.84% have been frozen. The untraceable funds primarily flowed into mixers then through bridges to P2P and OTC platforms.
Recently, we have…

— Ben Zhou (@benbybit) April 21, 2025

The Wasabi platform emerged as a key laundering tool, with 944 BTC worth approximately $90 million moved through it. The perpetrators also utilized mixers such as CryptoMixer, Tornado Cash, and Railgun. Some assets were converted via platforms like THORChain, eXch, Lombard, LI.FI, Stargate, and SunSwap.

More than 84% (~$1.21 billion) of the stolen Ethereum was converted to Bitcoin through THORChain. About two-thirds of this amount, approximately $960 million, was converted into 10,003 BTC across 35,772 wallets. Zhou added that $17 million remained in Ethereum across 12,490 addresses.

In February, Bybit launched a website to track the activities of the North Korean hacker group Lazarus Group, which Arkham Intelligence experts linked to the platform’s hack.

Over 60 days, 5,443 applications were reviewed, with only 70 deemed credible.

The exchange paid $2.3 million to 12 “bounty hunters.” The largest contribution came from the L2 network Mantle, which helped block $42 million.

Zhou noted that community support is essential for decrypting mixers and tracking funds. He urged more specialists to join the bounty program.

Earlier, on April 17, the automatic crypto exchange eXch announced its closure due to allegations of laundering funds stolen by Lazarus from Bybit.