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Bybit Tracks $1.4B in Stolen Crypto: 88.87% Still Under Surveillance

Irene Mukiri by Irene Mukiri
March 20, 2025
in Binance Feed, News
Reading Time: 3 mins read
Bybit Tracks $1.4B in Stolen Crypto 88.87% Still Under Surveillance
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  • Nearly 89% of Bybit’s stolen $1.4B remains traceable despite laundering tactics.
  • Hackers converted 440K ETH to BTC, using mixers to complicate tracking efforts.
  • Bybit’s bounty program sees 5,012 reports, aiding in crypto crime investigations.

The cryptocurrency exchange Bybit has intensified its efforts to track and recover $1.4 billion worth of stolen crypto assets. Following a significant security breach that led to the loss of 500,000 ETH, co-founder Ben Zhou provided an update on the ongoing investigation. Despite challenges, Bybit remains committed to tracing and retrieving the lost assets.

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Majority of Stolen Crypto Remains Traceable

Currently, 88.87% of the stolen funds remain under surveillance. Bybit’s security team, in collaboration with blockchain analysts, is actively monitoring transactions and identifying patterns in the hackers’ movement. 

However, 7.59% of the assets have gone missing, making them significantly harder to trace. Meanwhile, 3.54% have been successfully frozen, preventing further illicit transfers.

Use of Crypto Mixers Complicates Tracking

Hackers have turned to crypto-mixing services to obscure their transactions. Platforms like Wasabi, CryptoMixer, Railgun, and TornadoCash have been utilized to break transaction trails. A striking 86.29% of the stolen Ethereum approximately 440,000 ETH has been converted into 12,836 BTC. 

These assets are now spread across 9,117 wallets, each holding an average of 1.41 BTC. Additionally, 193 BTC has been processed through the Wasabi mixer before being distributed to multiple peer-to-peer trading platforms, making recovery efforts more difficult.

Challenges in Deciphering Mixer Transactions

Zhou highlighted that decoding transactions from crypto mixers is the biggest hurdle. These platforms blend various transactions, making it nearly impossible to trace the origins of specific funds. As laundering tactics become more sophisticated, Bybit is actively seeking support from cybersecurity experts, blockchain researchers, and ethical hackers to improve its tracking capabilities.

Bounty Programs See Increased Participation

Community participation has grown significantly, with Bybit receiving 5,012 bounty reports in the past 30 days. Out of these, 63 reports were deemed valid, marking a positive step in the collective fight against crypto-related cybercrime. Zhou emphasized that cooperation between security professionals, blockchain analysts, and global regulators is essential for making further progress.

Progress in Tracing Stolen Funds

Bybit’s previous reports indicated that only 77% of the stolen funds were traceable, while 20% had disappeared. However, the latest update shows that traceable funds have increased to 88.87%, highlighting the effectiveness of enhanced tracking methods and international collaboration.

Tags: Crypto NewsExchange News

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