Tracking $1.07 Billion in Stolen Assets: Bybit CEO Ben Zhou Provides Updates
Bybit CEO Ben Zhou has confirmed that $1.07 billion of the assets stolen in the recent $1.4 billion security breach can still be tracked, revealing key details in a recent update.
Hackers Launder $280 Million, Freeze $42 Million
- Hackers successfully laundered $280 million, representing around 20% of the 499,000 ETH stolen.
- Investigators have managed to freeze $42 million, accounting for 3% of the compromised funds.
Bounty Hunters Rewarded for Freezing Stolen Assets
Zhou mentioned that 11 independent bounty hunters were rewarded $2.1 million for their efforts in freezing stolen assets. Mantle, Paraswap, and blockchain investigator ZachXBT were among the top contributors.
THORChain’s Involvement
Zhou revealed that the attackers converted a significant portion of the stolen ETH into Bitcoin (BTC) through THORChain, a decentralized platform for cross-chain asset swaps.
Key Details:
- Approximately 83% of the stolen assets were funneled into BTC, totaling 417,348 ETH worth around $1 billion.
- The funds were dispersed across 6,954 wallets, with an average balance of 1.71 BTC per wallet.
This activity notably boosted THORChain’s transaction volume to over $5.8 billion following the Bybit breach.
Criticism from Blockchain Security Researcher
Blockchain security researcher Taylor Monahan criticized THORChain, stating that its structure enables criminal activities under the guise of decentralization. She argued that the platform benefits insiders and aids in money laundering.
ExCH and OKX Involvement
Zhou also reported that the stolen assets were moved through other platforms, including ExCH and OKX Web3 Proxy.
Details:
- 40,233 ETH, worth approximately $100 million, moved through OKX’s Web3 proxy.
- 79,655 ETH, around 16% of the total stolen, was funneled through ExCH.
ExCH had previously denied facilitating illicit transactions for the Bybit hacker but acknowledged a small portion of funds entering their address.
