Stolen funds from Bybit are about to disappear.😱👉💰🚨
The CEO of Bybit details the state of the hacked funds and the urgency to freeze them before they are liquidated off the market.
On March 4, 2025, Ben Zhou, CEO and co-founder of the cryptocurrency exchange Bybit, shared an update on the hacking that affected the platform.
According to the data presented, the total amount of funds stolen by the Lazarus group amounts to approximately 1.4 billion dollars, equivalent to around 500,000 ethers (ETH).
Of that total amount of hacked assets, "77% remains traceable, 20% has disappeared without a trace, and 3% has been frozen," as explained by Ben Zhou.
Zhou emphasized that the current moment is critical: "this week and next week are key to freezing the funds, as they will start to be cleaned in exchanges, OTC markets, and P2P platforms."
OTC (Over-The-Counter) platforms are services that allow the direct exchange of financial assets between parties, outside of the order books of a traditional exchange.
Meanwhile, P2P (Peer-to-Peer) platforms facilitate transactions between users.
Both options are attractive for those seeking anonymity, but they also pose a challenge for investigations trying to prevent the disappearance of the stolen funds from the cryptocurrency market.
Details of the hacking and fund tracking
According to the report from the CEO of Bybit, 83% of the stolen funds, that is, 417,348 ETH valued at approximately 1 billion dollars, has been converted to bitcoins (BTC). These BTC are distributed across 6,954 different wallets, with an average of 1.71 BTC per wallet.
On the other hand, the LazarusBounty website, launched by Bybit after the attack, indicates that, of the total tracked funds, the hackers have already moved 97% to the Bitcoin network, distributing around 860 million dollars in over 7,600 wallets.
