{"id":127591,"date":"2025-04-21T06:16:25","date_gmt":"2025-04-21T06:16:25","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127591"},"modified":"2025-04-21T06:16:25","modified_gmt":"2025-04-21T06:16:25","slug":"bybit-ceo-two-thirds-of-lazarus-hacked-funds-remain-traceable","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127591","title":{"rendered":"Bybit CEO: Two-thirds of Lazarus-hacked funds remain traceable"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsCrypto exchange Bybit co-founder and CEO Ben Zhou says more than two-thirds of the digital assets stolen from the platform in February by North Korea\u2019s Lazarus Group still remain traceable.\u00a0<br \/>\nIn an executive summary on hacked Bybit funds posted on X on April 21, Ben Zhou said that of the total $1.4 billion hacked, 68.6% \u201cremains traceable,\u201d 27.6% has \u201cgone dark,\u201d and 3.8% has been frozen.<br \/>\nThe untraceable funds primarily flowed into mixers, then through bridges to peer-to-peer and over-the-counter platforms, he added.\u00a0<br \/>\nIn February, hackers associated with the Lazarus Group exploited vulnerabilities in Bybit\u2019s cold wallet infrastructure, stealing $1.4 billion in the largest crypto exchange hack to date.<br \/>\n\u201cRecently, we have observed that the mixer mainly used by the DPRK [Democratic People&#8217;s Republic of Korea] is Wasabi,\u201d Zhou said before stating that following the Wasabi washing of BTC, \u201ca small portion of it entered CryptoMixer, Tornado Cash, and Railgun.\u201d<br \/>\nZhou confirmed that 944 Bitcoin (BTC) worth around $90 million went through the Wasabi mixer. Multiple crosschain and swap services were carried out through platforms such as THORChain, eXch, Lombard, LI.FI, Stargate, and SunSwap before the loot eventually entered P2P and OTC services, he added.\u00a0<br \/>\nAnother 432,748 Ether (ETH), around 84% of the total worth roughly $1.21 billion, has been transferred from Ethereum to Bitcoin via THORChain. Around two-thirds of that \u2014 around $960 million worth of Ether \u2014 has been converted into 10,003 BTC across 35,772 wallets, he added.\u00a0<br \/>\nAround $17 million worth of Ether remains on the Ethereum blockchain across 12,490 wallets, Zhou reported.\u00a0<br \/>\nAround $1.2 billion worth of stolen crypto is still being tracked. Source: Lazarus BountyBybit pays around $2.3 million in bounties<br \/>\nZhou also revealed that only 70 of 5,443 bounty reports received over the past 60 days were valid.\u00a0<br \/>\nBybit launched the Lazarus Bounty program in February, offering a total of $140 million in rewards for information leading to funds being frozen.<br \/>\nTo date, it has paid out $2.3 million to 12 bounty hunters. Most of this went to one entity, the Mantle layer-2 platform, whose efforts resulted in $42 million worth of frozen funds.\u00a0<br \/>\nRelated: Lazarus Group\u2019s 2024 pause was repositioning for $1.4B Bybit hack<br \/>\n\u201cWe welcome more reports, we need more bounty hunters that can decode mixers, as we need a lot of help there down the road,\u201d Zhou said.\u00a0<br \/>\nOn April 17, the eXch crypto exchange announced it would cease operations on May 1 after reports alleged the firm was used to launder funds from the Bybit hack.<br \/>\nMagazine: Altcoin season to hit in Q2? Mantra\u2019s plan to win trust: Hodler\u2019s Digest<a href=\"https:\/\/cointelegraph.com\/news\/two-thirds-hacked-bybit-funds-remain-traceable-ceo?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsCrypto exchange Bybit co-founder and CEO Ben Zhou says more than two-thirds of the digital assets stolen from the platform in February by North Korea\u2019s Lazarus Group still&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127591"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127591"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127591\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127591"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}