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According to Ben Zhao, CEO of Bybit, approximately 27% of the cryptocurrencies stolen during a February attack have become untraceable. The company indicated that this proportion emerged from operations involving crypto mixers and similar transactions, within a total of about $1.4 billion worth of assets.
The Bybit Hack Incident
In a social media post, Zhao stated that 68.57% of the hacked assets remain traceable. Additionally, he provided information that 3.84% of the stolen funds have been temporarily frozen.
The cyberattack in February resulted in the theft of approximately $1.5 billion in Ethereum 
$2,585 and Lido Staked Ether. This incident is described as one of the largest heists ever experienced in the market. Investigations have revealed that the attack was carried out by the North Korean Lazarus Group.
Crypto Thieves Covered Their Tracks
Reports indicate that mixing systems, cross-chain bridges, and various transfer methods were employed to obscure the trail of the stolen funds. These methods allowed transactions to be conducted across multiple platforms.
Furthermore, the announcement noted that transactions were carried out via different transfer platforms, complicating the identification of where the stolen assets are located.
Ben Zhao: “A certain amount of BTC was laundered through Wasabi and then transferred to services like CryptoMixer, Tornado Cash, and Railgun. Cross-chain and swap transactions were then conducted through platforms such as Thorchain, eXch, Lombard, LiFi, Stargate, and SunSwap. Finally, transactions were directed to OTC or P2P systems.”
Additionally, it has been reported that eXch, one of the listed platforms, plans to cease operations in May due to regulatory claims disclosed last week. This development raises questions regarding traceability and the security of funds.
Following the incident, international cybersecurity and financial transaction agencies continue their efforts to track the flow of the stolen assets. Research is intensifying on developing tracking methods within the framework of technical infrastructure and collaborations, while steps are expected to be taken to enhance regulatory measures on the subject.
