Over $380M Worth of Crypto Stolen During Bybit's $1.4B Hack Has Gone Dark
Cryptocurrency exchange Bybit's CEO Ben Zhou said that 27.95% of the funds lost in the $1.4 billion exploit engineered by the North Korean Lazarus Group have gone dark or become untraceable.”Total hacked funds of USD 1.4bn around 500k ETH. 68.57% remain traceable, 27.59% have gone dark, 3.84% have been frozen. The untraceable funds primarily flowed into mixers then through bridges to P2P and OTC platforms,” Zhou said in an executive summary published on X on Monday.The untraceable funds were moved into mixers before being transferred through bridges to P2P (peer-to-peer) and OTC (over-the-counter) platforms, the post explained, mentioning the use of Wasabi, a crypto mixer, to wash off a certain amount of BTC, following which a portion of these funds entered into other mixers, including Railgun, Tornado Cash and CryptoMixer.The malicious entity then executed multiple cross-chain swaps through Thorchain, eXch, Lombard, LiFi, Stargate and SunSwap, with the final stage involving the conversion of these illicit funds into more liquid assets.The North Korea-linked Lazarus Group hacked Bybit in February, draining 500,000 ether (ETH) by taking “control of the specific ETH cold wallet and transferring all the ETH in the cold wallet to this unidentified address.”Forensics reveal that of the hacked funds, a total of 432,748 ETH, representing 84.45%, has been transferred from ether to bitcoin via Thorchain.
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Source: www.coindesk.com
Published: April 21, 2025
