Ben Zhou, the general director of Bybit, confirmed that $ 280 million from $ 1.4 billion stolen from the stock exchange was washed and no longer identifiable. Despite this, about $ 1.07 billion remains followed, which allows investigators to continue their efforts to recover funds.
On March 4, Zhou provided an update of 500,000 ether (ETH) stolen in February hack and constant efforts to stop bad actors from escaping with the booty.
“Total hacked funds in the amount of USD 1.4 billion about USD 500,000 ETH, 77% is still identifiable, 20% started dark, 3% was frozen, “said Zhou.
Saying “Gone Dark”, Zhou pointed out that 20% of the stolen funds were successfully mixed, washed or sent to platforms that darken transactions by hackers from North Korea.
Recovery of stolen assets in parts
Investigators have so far helped freeze $ 42 million, which corresponds to 3% of stolen funds.
Source: Ben Zhou
Hackers converted about $ 1 billion in stolen funds – 417 348 ETH – on Bitcoin (BTC) and spread it on 6954 cryptocurrency portfolios with an average maintenance of 1.71 BTC per wallet. This fragmentation hinders further tracking and recovery.
Related: Bybit hackers resume the laundry, carrying another 62,200 ETH
According to Zhou, the next up to two weeks will be of key importance for freezing additional funds before the attackers try to pay through cryptocurrency stock exchanges, over-the-counter platforms (OTC) and peer-to-peer transactions (P2P).
Bybit hackers are going to stop stolen funds
According to Zhou, the Bybit hackers used, above all, the decentralized Thorchain exchange to pay ETH and BTC. Other platforms, such as exch and OKX Web3 Proxy, were also used to transfer some funds.
He also said that ETH worth $ 65 million can be recovered, but he would need support from the OKX portfolio team. In addition, 11 prize hunters were awarded a total of $ 2.1 million for their efforts to freeze the stolen funds.
On February 25, Blockchain Analytics has identified over 11,000 portfolios related to Bybit hackers.
Source: Ben Zhou
In addition, Bybit engaged the WEB3 Zeroshadow security company for Blockchain Forensics on February 25. The security company is designed to follow and freeze stolen Bybit funds and maximize recovery.
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