{"id":21717,"date":"2025-03-04T12:45:24","date_gmt":"2025-03-04T10:45:24","guid":{"rendered":"https:\/\/forklog.com\/en\/bybit-ceo-20-of-stolen-assets-have-gone-dark\/"},"modified":"2025-03-04T12:45:24","modified_gmt":"2025-03-04T10:45:24","slug":"bybit-ceo-20-of-stolen-assets-have-gone-dark","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bybit-ceo-20-of-stolen-assets-have-gone-dark\/","title":{"rendered":"Bybit CEO: 20% of Stolen Assets Have &#8216;Gone Dark&#8217;"},"content":{"rendered":"<p>77% of the approximately 500,000 ETH stolen in the <a href=\"https:\/\/u1f987.com\/en\/news\/bybit-exchange-suffers-1-46-billion-loss-in-hack\">Bybit hack<\/a> remain traceable, 20% have &#8216;gone dark&#8217;, and 3% have been frozen, according to details shared by the exchange&#8217;s CEO, Ben Zhou.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">3.4.25 Executive Summary on Hacked Funds: <br \/>Total hacked funds of USD 1.4bn around 500k ETH, 77% are still traceable, 20% has gone dark, 3% have been frozen. <br \/>Breakdown: <br \/>\u2014 83% (417,348 ETH, ~$1B) have been converted into BTC with 6,954 wallets (Average 1.71 btc each) . This and\u2026<\/p>\n<p>\u2014 Ben Zhou (@benbybit) <a href=\"https:\/\/twitter.com\/benbybit\/status\/1896798476945744010?ref_src=twsrc%5Etfw\">March 4, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>417,348 ETH, (~$1 billion) or 83% of the total, were converted by the perpetrators into bitcoins using 6,954 wallets (averaging 1.71 BTC each).<\/p>\n<p>The current and following weeks are critical for freezing funds, as the coins will begin to be &#8216;cleaned&#8217; on exchanges, <span data-descr=\"over-the-counter\" class=\"old_tooltip\">OTC<\/span> and <span data-descr=\"peer-to-peer\" class=\"old_tooltip\">P2P<\/span> platforms, emphasized the Bybit CEO.<\/p>\n<p>The hackers primarily used THORChain to exchange Ethereum for bitcoin.<\/p>\n<p>361,255 ETH or $0.9 billion, accounting for 72% of the losses, passed through a cross-chain protocol that Bybit is able to monitor.<\/p>\n<p>79,655 ETH (~16% of the funds) were routed through a DEX called ExCH.<\/p>\n<p>40,233 ETH or $100M (~8% of the losses) were directed by the hackers through the OKX Web3 Wallet proxy.<\/p>\n<p>16,680 ETH of this amount can be tracked by the exchange&#8217;s analysts. Information on 23,553 ETH or $65 million (~5% of the assets) is unavailable, requiring the involvement of specialists from the mentioned wallet.<\/p>\n<p>Zhou also provided an update on the <a href=\"https:\/\/u1f987.com\/en\/news\/bybit-hackers-launder-113-million-in-a-day\">bounty program<\/a>.<\/p>\n<p>According to him, 11 participants helped freeze part of the funds. The top manager highlighted the teams Mantle and ParaSwap, as well as on-chain analyst ZachXBT. Payments amounted to $2.18 million in USDT.<\/p>\n<p>Earlier, the FBI <a href=\"https:\/\/u1f987.com\/en\/news\/fbi-confirms-north-korean-involvement-in-bybit-hack\">confirmed<\/a> the involvement of the North Korean group TraderTraitor (also known as Lazarus Group, APT38, BlueNoroff, and Stardust Chollima) in the Bybit hack.<\/p>\n<p>Previously, cypherpunk Adam Back cited the &#8216;flawed EVM design&#8217; as the <a href=\"https:\/\/u1f987.com\/en\/news\/adam-back-attributes-bybit-hack-to-evm-flaws\">reason<\/a> for the exchange&#8217;s breach.<\/p>\n<p>Later, Sygnia analysts <a href=\"https:\/\/u1f987.com\/en\/news\/safe-infrastructure-vulnerability-blamed-for-bybit-breach\">reported<\/a> that the incident occurred due to a vulnerability in the Safe infrastructure. Binance founder Changpeng Zhao <a href=\"https:\/\/u1f987.com\/en\/news\/binance-founder-criticizes-safes-report-on-bybit-hack\">criticized<\/a> the wallet developer&#8217;s report on the Bybit hack.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>77% of the approximately 500,000 ETH stolen in the Bybit hack remain traceable, 20% have &#8216;gone dark&#8217;, and 3% have been frozen, according to details shared by the exchange&#8217;s CEO, Ben Zhou. 3.4.25 Executive Summary on Hacked Funds: Total hacked funds of USD 1.4bn around 500k ETH, 77% are still traceable, 20% has gone dark, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1151,44,1111],"class_list":["post-21717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bybit","tag-cybercrime","tag-cybersecurity"],"aioseo_notices":[],"amp_enabled":true,"views":"44","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/21717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=21717"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/21717\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/21716"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=21717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=21717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=21717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}