Key Points:

• Over 77% of the stolen funds from Bybit’s hack remain traceable, while 20% are untraceable.
• Hackers converted 83% of the stolen ETH to BTC, spreading it across 6,954 wallets.
• The North Korean group Lazarus orchestrated the hack, resulting in the theft of billions from customer assets.

Over 77% of the funds stolen from Bybit during a significant hack are still trackable, according to CEO Ben Zhou, who stated this in an update on X. Zhou highlighted the urgency for freezing funds this week as they could start moving through various exchanges and platforms.

Some 417,348 ETH, valued around $1 billion, are traceable on the blockchain, linked to the privacy-focused THORChain. Meanwhile, approximately 20% of the total stolen assets, which is about $200 million, have become untraceable.

Zhou detailed that hackers converted 83% of the stolen ETH into BTC, distributing an average of 1.71 BTC across multiple wallets.

THORChain has also recorded it’s highest activity week, processing $4.66 billion in swaps, equating to over $5.5 million in fees from illicit flows.

The attackers targeted Bybit by injecting harmful code into a third-party wallet, causing a loss of nearly $1.5 billion in ETH during the attack.