Bybit News: $1.4 Billion Hack - 88% of Stolen Funds Remain Traceable

In a recent development related to the cryptocurrency exchange Bybit, CEO Ben Zhou revealed crucial details about the status of funds stolen in a major hack. Here’s a closer look at the situation and the ongoing recovery efforts.

Bybit CEO Ben Zhou: 88% of Stolen $1.4 Billion Remains Traceable

Bybit CEO Ben Zhou revealed on March 20 that 88.87% of the $1.4 billion stolen in a recent hack remained traceable nearly a month after the security breach. He noted that 7.59% of the funds had gone dark, while 3.54% had been frozen. Criminals used BTC mixers such as Wasbi, CryptoMixer, Railgun, and TornadoCash to hide fund movements. Recovery efforts involved coordinated work by security experts, inviting a deeper review of digital asset security.

Lazarus Group Holds More Bitcoin Than Tesla

The Lazarus Group, a hacking group associated with North Korea, holds more Bitcoin (BTC) than Elon Musk’s Tesla. According to Arkham Intelligence, Lazarus holds 13,441 BTC worth $1.14 billion, which is 16% more than Tesla’s bitcoin stash of 11,509 BTC. Last month, Lazarus Group attacked crypto exchange Bybit, stealing $1.4 billion in ether (ETH). Some of the stolen funds have been converted into bitcoin and distributed across multiple wallets. Tesla acquired its bitcoin stash four years ago and has been holding onto it since, making it the world’s fourth-largest publicly listed company in terms of BTC holdings.