Nearly 20% of Bybit’s $1.46b stolen funds ‘gone dark,’ CEO says

 Bybit’s CEO says more than $200 million of the $1.46 billion stolen from the exchange has become untraceable due to mixing services.

Bybit‘s CEO Ben Zhou says nearly 20% of the funds are now untraceable, just less than two weeks after the exchange lost over $1.4 billion in a highly sophisticated attack by North Korea-backed hackers. In an X post on March 4, Zhou shared an update on the ongoing investigation into the cyberattack, revealing that around 77% of the stolen funds remain traceable, but nearly 20% has “gone dark” through mixing services.

The hacker primarily used THORChain, a cross-chain liquidity protocol which came under scrutiny for unwillingness to prevent DPRK hackers from laundering the funds, to convert stolen Ethereum Ethereum  2.2% Ethereum into Bitcoin 2.62% Bitcoin. Approximately 83% of the funds, or around $1 billion, were swapped into BTC across 6,954 wallets.