Bybit Hackers Have Already Swapped $1.2 Billion in ETH to BTC

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Bybit is seeing its stolen funds fade away since only $200 million in Ethereum is left to be swapped to Bitcoin.
Bybit CEO Ben Zhou shared the latest updates about the exchange’s $1.4 billion hack.
Zhou wrote in an X post that 68.5% of the stolen funds, roughly $960 million, are still traceable, while the exchange has already lost track of 27.5% of lost assets, worth over $386 million.
4.21.25 Executive Summary on Hacked Funds:
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.
Recently, we have…
— Ben Zhou (@benbybit) April 21, 2025

“The untraceable funds primarily flowed into mixers, then through bridges to P2P and OTC platforms,” Zhou added.
He says that North Korean hackers have laundered the crypto assets using Wasabi, an open-source Bitcoin BTC $93 668 24h volatility: 3.2% Market cap: $1.86 T Vol. 24h: $52.79 B mixer that operates on the Tor anonymity network. Some of the stolen funds then found their way into CryptoMixer, Tornado Cash and Railgun — a set of crypto privacy tools.
Bybit CEO claims that the hackers have swapped 84.4% of the stolen assets, worth $1.2 billion, from Ethereum ETH $1 794 24h volatility: 5.9% Market cap: $216.52 B Vol. 24h: $26.17 B to Bitcoin using the decentralized liquidity protocol THORChain across more than 35,000 wallets.
Zhou says that so far, 3.8% of the lost assets have been frozen.
Since the historic $1.4 billion hack in February, Bybit has shown strong signs of a recovery.
The exchange partnered with Zodiac Custody to boost its security and prevent future threats. According to an April 10 report, Bybit regained its pre-hack 7% market share.
Bybit currently has a daily trading volume of $1.9 billion and is ranked second on CoinMarketCap after Binance. CMC data shows that Bybit’s weekly traffic has reached 3.5 million visits over the past week.
Over the past two months, Bybit has received more than 5,400 bounty reports, with only 70 being valid. The exchange put a $140 million prize, 10% of the stolen funds, to fight the North Korean Lazarus Group and potentially return some of the lost assets.
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Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
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