Over $380M Worth of Crypto Stolen During Bybit's $1.4B Hack Has Gone Dark

Cryptocurrency speech Bybit's CEO Ben Zhou said that 27.95% of the funds mislaid successful the $1.4 cardinal exploit engineered by the North Korean Lazarus Group person gone acheronian oregon go untraceable.

"Total hacked funds of USD 1.4bn astir 500k ETH. 68.57% stay traceable, 27.59% person gone dark, 3.84% person been frozen. The untraceable funds chiefly flowed into mixers past done bridges to P2P and OTC platforms," Zhou said successful an enforcement summary published connected X connected Monday.

The untraceable funds were moved into mixers earlier being transferred done bridges to P2P (peer-to-peer) and OTC (over-the-counter) platforms, the station explained, mentioning the usage of Wasabi, a crypto mixer, to lavation disconnected a definite magnitude of BTC, pursuing which a information of these funds entered into different mixers, including Railgun, Tornado Cash and CryptoMixer.

The malicious entity past executed aggregate cross-chain swaps done Thorchain, eXch, Lombard, LiFi, Stargate and SunSwap, with the last signifier involving the conversion of these illicit funds into much liquid assets.

The North Korea-linked Lazarus Group hacked Bybit successful February, draining 500,000 ether (ETH) by taking "control of the circumstantial ETH acold wallet and transferring each the ETH successful the acold wallet to this unidentified address."

Forensics uncover that of the hacked funds, a full of 432,748 ETH, representing 84.45%, has been transferred from ether to bitcoin via Thorchain. Notably, 67.25% of these funds, amounting to 342,975 ETH (around $960.33 million), has been converted into 10,003 BTC and distributed crossed 35,772 wallets with an mean of 0.28 BTC per wallet.

Further, 1.17% of the funds, oregon 5,991 ETH (approximately $16.77 million), remains connected the Ethereum blockchain, stashed crossed 12,490 wallets.

Lastly, the Lazarus Bounty inaugural has received 5,443 bounty reports successful 2 months, of which, 70 person been deemed valid. Zhou said the speech needs "more bounty hunters that tin decode mixers arsenic we request a batch of assistance determination down the road."