- Bybit hacker launders $1.23B in ETH using mixers like TornadoCash, Railgun, and Wasabi
- 88.87% of hacked funds remain traceable, with 3.54% frozen
- Bybit offers bounties for assistance in decoding mixer transactions
The digital trail of the massive Bybit hack is getting clearer, revealing the hacker’s elaborate efforts to launder the stolen 500,000 ETH (worth a staggering $1.23 billion).
The pilfered ETH was converted into 12,836 BTC and then scattered across a jaw-dropping 9,117 wallets, averaging just 1.41 BTC per wallet. To further muddy the waters and ensure anonymity, the attacker employed crypto mixers like Wasabi, CryptoMixer, Railgun, and TornadoCash.
Related: FBI: North Korea’s “TraderTraitor” Gang Behind $1.5B Bybit Hack
How Much of the Stolen Crypto Has Bybit Managed to Track?
Despite these intricate maneuvers designed to obscure the funds, investigators have managed to trace a significant 88.87% of the stolen cryptocurrency, offering a glimmer of hope for recovery.
However, a frustrating 7.59% of the funds have vanished without a trace, adding a layer of complexity to the ongoing investigations. In response, Bybit has swiftly frozen 3.54% of the stolen funds, amounting to 17,700 ETH worth nearly $35 million, preventing any further movement. This rapid action was made possible through quick collaboration with other exchanges and blockchain analysis firms.
What’s Bybit’s CEO Asking the Crypto Community to Do?
Bybit CEO, Ben Zhou, has issued a direct appeal to the crypto community, urging anyone with insights to assist in deciphering the complex layers of mixer transactions. Bybit’s security team has flagged the increasing use of Bitcoin mixers as a major obstacle in their recovery efforts. Decoding these transactions has now become the platform’s top priority. Just as Zhou emphasized in his post,
“After mixer the funds went to various p2p vendors. We believe this trend will grow as more funds will go through mixers. Decoding mixer transactions is the number one challenge we face now. If you can help, please reach out.”
Related: Bybit CEO: $1.4 Billion Crypto Hack Tracked, Majority Potentially Recoverable
To expedite the process of tracking down the remaining funds, Bybit has put out bounties for individuals who can provide actionable intelligence. Over the past 30 days, the exchange has received a total of 5,012 bounty reports, with 63 of them deemed valid and providing useful leads.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
