{"id":16032,"date":"2025-03-04T09:18:10","date_gmt":"2025-03-04T09:18:10","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=16032"},"modified":"2025-03-04T09:18:10","modified_gmt":"2025-03-04T09:18:10","slug":"bybit-ceo-says-77-of-stolen-funds-from-record-1-4b-hack-still-traceable","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=16032","title":{"rendered":"Bybit CEO Says 77% of Stolen Funds From Record $1.4B Hack Still Traceable"},"content":{"rendered":"<div>\n<p>Over 77% of the funds stolen in a record hack on crypto exchange Bybit remain traceable, while 20% have &#8220;gone dark&#8221; and are untraceable, CEO Ben Zhou <a href=\"https:\/\/x.com\/benbybit\/status\/1896798476945744010\" target=\"_blank\">said in an update on X<\/a> early Tuesday.<\/p>\n<p>\u201cThis and the coming week is critical for fund freezing as the funds will start to clear at exchanges, otc and p2p,\u201d Zhou said, referring to the hackers&#8217; efforts of laundering the money and converting it to cash.<\/p>\n<p>Some 417,348 ether (ETH), valued at approximately $1 billion remain traceable on the blockchain after being moved using privacy-focused THORChain. Another 20% of the funds, roughly 79,655 ETH or $200 million, have &#8220;gone dark&#8221; through ExCH.<\/p>\n<p>A smaller portion, 40,233 ETH or $100 million, had passed through OKX\u2019s web3 proxy, but 23,553 ETH, worth $65 million, remain untraceable.<\/p>\n<p>Zhou said the hackers converted 83% of the stolen ETH \u2014 361,255 ETH; or $900 million \u2014 into BTC, distributing it across 6,954 wallets, with an average of 1.71 BTC per wallet using THORChain.<\/p>\n<p>THORChain has processed $4.66 billion in swaps in the week ending March 2, the highest tally on record, according to data source DefiLlama \u2014 making it over $5.5 million in fees from the illicit flows.<\/p>\n<p>North Korean hacking group Lazarus targeted Bybit in late February by injecting malicious code into SafeWallet, a third-party wallet platform used by the exchange, to steal billions in customer assets from the exchange.<\/p>\n<p>The attackers compromised a developer\u2019s device, enabling them to manipulate a routine wallet transfer and siphon off nearly $1.5 billion in ETH.<\/p>\n<p>Bybit fully returned to a 1:1 backing of client assets days after the attack, as <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/02\/24\/bybit-closes-eth-gap-as-exchange-amasses-usd1-2b-after-hack\" target=\"_blank\">CoinDesk previously reported<\/a>. Address activity suggests more than $400 million were purchased through over-the-counter trading, with another $300 million brought directly from exchanges.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Over 77% of the funds stolen in a record hack on crypto exchange Bybit remain traceable, while 20% have &#8220;gone dark&#8221; and are untraceable, CEO Ben Zhou said in an update on X early Tuesday. \u201cThis and the coming week is critical for fund freezing as the funds will start to clear at exchanges, otc [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-16032","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/16032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16032"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/16032\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}