**Bybit CEO Reveals Update on $1.4B Crypto Hack**
Bybit CEO Ben Zhou has provided a detailed update on the $1.4 billion cryptocurrency hack that rocked the platform earlier this year. According to Zhou, approximately 68.57% of the stolen funds remain traceable, 3.84% have been successfully frozen, while 27.59% have gone dark—laundered through crypto mixers, bridges, and peer-to-peer (P2P) or over-the-counter (OTC) platforms.
The laundering strategy reportedly involved converting stolen Ethereum into Bitcoin via platforms like THORChain and utilizing mixing services to obscure the origin of the assets. These funds were then funneled through decentralized bridges and exchanged in P2P and OTC markets, making them difficult to track further.
Despite launching a bounty program to enlist the crypto community's help, only 70 of the 5,443 submitted reports were valid, highlighting the complexity of tracing such sophisticated laundering techniques.
The FBI has attributed the hack to the North Korean Lazarus Group, which allegedly exploited a vulnerability in Bybit’s cold wallet infrastructure. Bybit has since taken swift measures, including securing emergency funds to cover user losses and reinforce security protocols.
The incident underscores the persistent threat posed by state-sponsored hacking groups in the crypto space and the challenges exchanges face in safeguarding digital assets.
