Over 25% of Cryptocurrency Stolen from Bybit Has Become Untraceable

North Korea's Lazarus Group's hack of $1.4 billion in cryptocurrency from Bybit has resulted in over a quarter of the stolen funds becoming untraceable, according to Bybit's CEO, Ben Zhou. The hackers used crypto mixers and decentralized services to obfuscate the stolen funds, with the majority laundered using the Wasabi Mixer, then dispersed via CryptoMixer, Tornado Cash, and Railgun.

Cross-chain swap platforms were also used to transfer assets across blockchains before converting them into fiat through P2P and OTC exchanges. Despite ongoing monitoring, only a small portion of the stolen assets remain on the Ethereum blockchain. Zhou emphasized the need for more bounty hunters to trace dark crypto flows and warned of the need for significant teamwork in the future.

Meanwhile, eXch, a platform implicated in the laundering, has announced plans to shut down after vehemently denying any intentional wrongdoing.