ByBit Hack Update: Tracing the $1.4 Billion Stolen Crypto Funds

The post ByBit Hack Update: Tracing the $1.4 Billion Stolen Crypto Funds appeared first on Coinpedia Fintech News Two months after the biggest crypto hack in history , a fresh update from Bybit CEO Ben Zhou has brought a ray of hope. Out of the $1.4 billion in stolen ETH, 68.57% of the funds remain traceable, while 3.84% have been frozen. However, 27.59% have gone dark—likely laundered through mixers and bridges. Bybit Hack: What Happened To Stolen Crypto? On February 21, 2025, North Korea’s Lazarus Group exploited a free storage software tool used by Bybit, leading to the theft of 500,000 ETH. It marked the largest-ever crypto heist. Movement of the Funds After the hack, most of the stolen ETH was converted into Bitcoin via Thorchain: 432,748 ETH (~$1.21B) swapped into BTC. 342,975 ETH (converted into 10,003 BTC ) distributed across 35,772 wallets. 944 BTC (~$90M) passed through Wasabi Mixer. Some funds also flowed through CryptoMixer, Tornado Cash, Railgun, and bridging services like LiFi, Stargate, and SunSwap. Currently, 5,991 ETH (~$16.7M) is still sitting on Ethereum, spread across 12,490 wallets. Bybit’s Response: Lazarus Bounty Program To track stolen assets, Bybit launched lazarusbounty.com , calling on blockchain analysts and bounty hunters. So far, 5,443 reports have been submitted, but only 70 were deemed valid. The exchange urges more experts to join the investigation. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also Read : UK Minister’s X Account Hacked to Promote Fake ‘House of Commons’ Crypto , Crypto Hacks on the Rise According to DeFiLlama , over $11.25 billion has been hacked from the crypto sector to date. In February 2025 alone , losses hit $1.464 billion , including the Bybit attack. April has already seen at least $12.5 million in hacks, including: ZKsync ($5M) KiloEx ($7.5M) UPCX (undisclosed) Bottom Line The Bybit hack update reveals a sophisticated laundering strategy by Lazarus Group and highlights the growing security threats facing the crypto space. 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