$380 Million in Stolen Crypto from Bybit Hack Has Vanished
A significant chunk of the $1.4 billion worth of cryptocurrency stolen from Bybit earlier this year has become completely untraceable, according to CEO Ben Zhou. In a recent update posted on X, Zhou revealed that nearly 28% of the stolen funds have disappeared into the shadows of the blockchain, likely lost through complex laundering methods.
The February attack, believed to be orchestrated by North Korea’s Lazarus Group, resulted in the theft of approximately 500,000 ETH. Zhou explained that while around 68% of the stolen assets are still being tracked, and just under 4% have been frozen, the rest has effectively gone dark.
The stolen ETH was moved through a sophisticated network of mixers and cross-chain bridges. From there, it was funneled into peer-to-peer and over-the-counter platforms, making it nearly impossible to follow. Some of the tools used in the laundering process included Wasabi Wallet, Tornado Cash, Railgun, and CryptoMixer.
The attackers didn’t stop there. They carried out multiple swaps across different blockchains using platforms like Thorchain, Stargate, LiFi, SunSwap, eXch, and Lombard. This complex web of transactions allowed them to convert the stolen crypto into more liquid and harder-to-trace assets.
The breach itself was executed by gaining access to one of Bybit’s cold wallets, allowing the attackers to transfer its entire balance to an unknown address. Since then, forensic teams have been tracking the movement of the stolen funds.
So far, over 432,000 ETH, roughly 84% of the total has been converted into bitcoin via Thorchain. Of that, more than 342,000 ETH, valued at around $960 million, was turned into 10,003 BTC and dispersed across nearly 36,000 wallets. Each wallet holds just a fraction of bitcoin, making detection and seizure far more difficult.
Only a small portion, around 6,000 ETH or 1.17%, remains on the Ethereum network, spread across more than 12,000 wallets.
In an effort to track the hackers, Bybit launched the Lazarus Bounty program. Since its rollout, over 5,400 reports have been submitted, with 70 confirmed as valid leads. However, Zhou emphasized that the fight is far from over. He called for more blockchain experts to assist in decoding mixer activity, noting that continued help is essential in the months ahead.
Amelia is a senior writer at Blockiance, focusing on the cultural implications of NFTs and digital ownership. Holding a master’s in media studies, she combines her academic background with a passion for storytelling to explore how Web3 technologies reshape creative industries.
