The post Bybit Exchange Hack: CEO Says 27.59% of Stolen Funds Have Gone Dark appeared on BitcoinEthereumNews.com.

Bybit Exchange hack is witnessing some new updates from its CEO. The exchange is facing challenges in tracking down a major portion of the $1.4 billion (approximately 500,000 ETH) stolen in a major security breach. According to a recent update from Bybit CEO Ben Zhou on April 21, 2025, 27.59% of the hacked funds have now “gone dark.” This meant that they can no longer be traced through blockchain analytics. While 68.57% of the stolen assets remain traceable, only 3.84% have been successfully frozen. Sophisticated Mixing Techniques Used in Bybit Exchange Hack The untraceable funds have primarily flowed through a series of cryptocurrency mixers. They were being bridged to peer-to-peer (P2P) and over-the-counter (OTC) platforms, according to Zhou’s analysis. His April 21 executive summary of the Bybit crypto hack identified Wasabi as the main mixing service utilized by the attackers. He attributed these to the North Korean hacking group known as DPRK. After washing Bitcoin through Wasabi, the hackers distributed smaller portions to additional mixing services including CryptoMixer, Tornado Cash, and Railgun. These mixers hide the transaction trail by combining the stolen funds with other cryptocurrencies. Following the mixing process, the attackers used multiple cross-chain and swap services to further hide the origins of the funds. Zhou specifically mentioned platforms such as Thorchain, eXch, Lombard, LiFi, Stargate, and SunSwap as services used in this process. The final step involved converting the cryptocurrencies to fiat currencies through OTC or P2P exchange services. The CEO’s update provides specific details on the movement of the stolen Ethereum. According to Zhou, 432,748 ETH (84.45% of the stolen amount, valued at approximately $1.21 billion) has been transferred from Ethereum to Bitcoin via Thorchain. Of this total, 67.25% (342,975 ETH, or about $960.33 million) has been converted into 10,003 BTC. It is spread among 35,772 distinct…

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Filed under: News - @ April 21, 2025 2:26 pm