Bybit CEO Ben Zhou recently shared an executive summary regarding the exchange’s stolen funds through social media. According to Zhou, a total of $1.4 billion (approximately 500,000 ETH) was stolen. Of this, 77% can still be traced, 20% has been moved to the black market, and 3% has been frozen. Notably, the stolen 499,000 ETH (worth roughly $1.39 billion) was laundered within a span of just 10 days.
Bybit CEO Ben Zhou’s Summary of the Hack
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, 3% have been frozen.
Breakdown:
– 83% (417,348 ETH, ~$1B) have been converted into BTC with 6,954 wallets (Average 1.71 btc each) . This and…— Ben Zhou (@benbybit) March 4, 2025
As per the report, 83% of the stolen funds (about 417,348 ETH, valued at $1 billion) have been converted into Bitcoin across 6,954 wallets, each holding an average of 1.71 BTC. Zhou wrote, “The next two weeks will be crucial for freezing the remaining funds, as hackers will likely attempt to liquidate them through exchanges, OTC (over-the-counter) trades, and P2P transactions.”
The laundering process primarily involved converting ETH into BTC through THORChain.
Breakdown of the Stolen Funds:
- 361,255 ETH (~$900 million, or 72% of the total) was moved via THORChain and can be traced.
- 79,655 ETH (~16% of the total) was laundered through ExCH, with updates expected soon.
- 40,233 ETH ($100 million, or 8%) was moved through the OKX Web3 proxy. Of this, 16,680 ETH can be traced, while the remaining 23,553 ETH ($65 million) has been obscured, pending information from the OKX Web3 Wallet.
Blockchain analytics firm SlowMist’s Yuxian revealed that, although some of the stolen ETH has been recovered, much of it has left the Ethereum network and entered the Bitcoin network. Yuxian added that the hackers have employed complex coin laundering techniques, and noted that THORChain node operators have made significant profits through these operations.
Also Read: Bybit’s $1.4B Ethereum Hack Traced Back to Compromised Safe Wallet
