Hackers who breached Bybit stole $1.4 billion, however CEO Ben Zhou confirmed that $1.07 billion of the stolen funds stays traceable.
Whereas $280 million has been laundered, investigators efficiently froze $42 million. To help in asset restoration, bounty hunters, together with Mantle, Paraswap, and ZachXBT, had been rewarded $2.1 million.
A big portion of the stolen Ethereum was transformed into Bitcoin utilizing THORChain, a decentralized platform. Roughly $1 billion price of ETH was swapped for BTC and dispersed throughout hundreds of wallets, driving THORChain’s transaction quantity to $5.8 billion.
The platform additionally earned $5.5 million in charges from these transactions. Safety researcher Taylor Monahan accused THORChain of enabling cash laundering underneath the pretense of decentralization, claiming its ecosystem advantages insiders.
Past THORChain, stolen property had been funneled by way of different platforms, together with ExCH and OKX Web3 Proxy. OKX processed $100 million in ETH, with $65 million nonetheless requiring additional monitoring.
In the meantime, ExCH, which initially denied involvement, later admitted a portion of the stolen funds had moved by way of its system and pledged to donate any associated charges.
