Bybit CEO: $1.4 Billion Crypto Hack Tracked, Majority Potentially Recoverable

• About 77% of the $1.4 billion stolen crypto from Bybit is still traceable.
• Hackers funneled $900 million through ThorChain, while $172 million remains untraceable.
• Bybit and its partners have paid out $2.18 million in USDT as bounties to those who have helped in the investigation

Bybit CEO Ben Zhou has revealed that $1.4 billion of stolen cryptocurrency is being tracked and out of that, 77% of the funds can be recovered. 

Zhou stated the next two weeks to be crucial as hackers attempt to move funds through various channels, including centralized exchanges, over-the-counter (OTC) desks, and peer-to-peer (P2P) platforms.

Zhou shared an executive summary of the hack on X. He mentioned that investigators are working closely with exchanges and blockchain analytics firms. The goal is to intercept laundering attempts before the funds are withdrawn or turned into less traceable assets.

Bitcoin Conversion Was Hackers’ Primary Tactic

According to Zhou, 83% of the stolen assets, equivalent to 417,348 ETH or approximately $1 billion, have been converted into Bitcoin. This conversion happened through 6,954 wallets, with each holding an average of 1.71 BTC. 

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