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Bybit’s CEO, Ben Zhou, announced that 20% of the cryptocurrency lost in a $1.4 billion hack is now untraceable. The hack, attributed to the North Korean group Lazarus, occurred on February 21, resulting in the theft of 400,000 ETH and 113,000 ETH-based coins. According to Zhou, the next two weeks are critical for freezing the lost funds.
Majority of Stolen Cryptocurrency Still Traceable
Zhou stated that 77% of the stolen funds are traceable, with 3% already frozen. However, 20% of the funds have lost their traceable status. This includes 16% of the total, approximately 79,655 ETH, which was moved through the KYC-free exchange eXch and is currently untraceable. Zhou mentioned that updates regarding this matter are expected soon.
Furthermore, hackers used the OKX Web3 proxy system to transfer $100 million worth of Ethereum 
$2,611. Currently, the whereabouts of $65 million of this amount remain unknown, and more information from OKX Web3 is awaited.
Hackers Convert Assets to Bitcoin via THORChain
The hackers converted 83% of the stolen assets into Bitcoin 
$103,498, transferring them to a total of 6,954 wallets. The process predominantly utilized THORChain, with 72% of the stolen assets being converted through this protocol.
Debates are ongoing within the THORChain protocol regarding whether to prevent hacker movements due to its decentralized nature. A member of THORChain, TCB, noted that most of the funds originated from North Korean hackers and has since left the protocol. The protocol has proposed a vote to temporarily halt ETH transfers, but a final decision has yet to be made.
Meanwhile, Chainflip, which has a similar structure, immediately halted all transfers upon noticing hacker activities and implemented new security measures to protect its system.
