Bybit’s Biggest Hack: What Investigators Have Found

Hackers who breached Bybit stole $1.4 billion, but CEO Ben Zhou confirmed that $1.07 billion of the stolen funds remains traceable.

While $280 million has been laundered, investigators successfully froze $42 million. To assist in asset recovery, bounty hunters, including Mantle, Paraswap, and ZachXBT, were rewarded $2.1 million.

A large portion of the stolen Ethereum was converted into Bitcoin using THORChain, a decentralized platform. Roughly $1 billion worth of ETH was swapped for BTC and dispersed across thousands of wallets, driving THORChain’s transaction volume to $5.8 billion.

The platform also earned $5.5 million in fees from these transactions. Security researcher Taylor Monahan accused THORChain of enabling money laundering under the pretense of decentralization, claiming its ecosystem benefits insiders.

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Beyond THORChain, stolen assets were funneled through other platforms, including ExCH and OKX Web3 Proxy. OKX processed $100 million in ETH, with $65 million still requiring further tracking.

Meanwhile, ExCH, which initially denied involvement, later admitted a portion of the stolen funds had moved through its system and pledged to donate any related fees.

Alexander Zdravkov