68.57% of Bybit's stolen funds can still be traced, while 27.59% are untraceable

According to BlockBeats, on April 21st, Bybit CEO Ben Zhou released the latest executive summary of the March 20th fund theft incident: the total amount of stolen funds reached $1.4 billion (approximately 500000 ETH). 68.57% of them can still be traced, 27.59% are untraceable, and 3.84% have been frozen. Analysis of fund flow: untraceable funds mainly flow to coin mixers, and then transfer to P2P and over-the-counter trading platforms through cross chain bridges. Recent observations have shown that North Korean hacker groups (DPRK) mainly use Wasabi coin mixers. After being cleaned by Wasabi, a small amount of BTC is transferred to CryptoMixer, Tornado Cash, and Railgun, and then exchanged across chains through platforms such as Thorchain, eXch, Lombard, LiFi, Stargate, and SunSwap. Eventually entering over-the-counter (OTC) or peer-to-peer (P2P) fiat currency exchange services. ETH destination: 432748 ETH (84.45%, approximately 1.21 billion US dollars) were transferred from Ethereum to BTC through Thorchain. 67.25% (342975 ETH, approximately 960 million US dollars) were exchanged for 10003 BTC and distributed across 35772 wallets (with an average of 0.28 BTC per wallet); 1.17% (5991 ETH, approximately $16.77 million) remains in 12490 wallets on the Ethereum chain (with an average of 0.48 ETH per wallet). BTC destination: 944 BTC (6.34%, approximately $90.62 million) entered the Wasabi mixer; 531 BTC (equivalent to 18206 ETH, 3.57%) were transferred back from the BTC chain to Ethereum via Thorchain. Over the past 60 days, 5443 reports have been received, of which 70 are valid, calling for more bounty hunters who can crack coin mixers to join.