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News

Bybit Stolen Funds Recovery: 88.87% Still Trackable

2 mins mins
Key Points:

  • Bybit’s fund recovery efforts reveal 88.87% traceability, major laundering attempts.
  • Hackers converted ETH to BTC across 9,117 wallets.
  • BTC mixers challenge fund retrieval, 5,012 bounty reports received.

bybits-fund-recovery-efforts-and-crypto-mixers
Bybit’s Fund Recovery Efforts and Crypto Mixers

Ben Zhou, co-founder of Bybit, updated on March 20, 2025, that 88.87% of the $1.4 billion stolen in a hack remains trackable.

The recovery indicates increased fund traceability, up from 77%, showing progress amid ongoing laundering attempts and technical challenges.

Bybit Battles to Track 88.87% of Stolen Assets

Bybit has faced a significant challenge since a $1.4 billion theft occurred, with hackers converting 440,000 ETH into 12,836 BTC. These assets were dispersed across 9,117 wallets, indicative of sophisticated laundering attempts using BTC mixers. The utilization of Wasabi, CryptoMixer, Railgun, and TornadoCash has complicated recovery.

The rise in traceable funds has brought hope for asset retrieval, with 86.29% already converted into approximately 1.23 billion USD in BTC. Ben Zhou stated that current efforts focus on decoding mixer transactions, a notable challenge requiring bounty hunters for decoding efforts.

“Decoding mixer transactions has become the biggest challenge currently, and [we] called on more bounty hunters to participate in tracking and decoding.” – Ben Zhou, Co-Founder, Bybit

Market observers are watching closely, as the hackers transferred 193 BTC, primarily using Wasabi mixers. The dispersion to P2P traders exacerbates recovery efforts, making every valid bounty report crucial. Zhou emphasized the need for continued vigilance amid these laundering attempts.

Crypto Mixers and Recovery Efforts Under Scrutiny

Did you know? The recent rise to 88.87% traceability marks a significant increase from initial estimates of 77%, highlighting forensic advancements in cyber asset tracking.

Bitcoin currently shows a volatile trend, trading at $28,537.00, varying between $27,800 and $29,000. This market activity underlines recent technological impacts on cryptocurrency valuations, reflective of past fluctuations in response to macroeconomic events.

Experts indicate the urgent need for enhanced cybersecurity measures, suggesting regulatory frameworks aligning with evolving digital asset challenges. These measures focus on mitigating laundering risks and developing novel technologies for tracking blockchain transactions, critical for industry resilience.

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Avatar of John Kojo Kumi

John Kojo Kumi

20 March 2025, 08:29:19 GMT +0000

John Kojo Kumi is a cryptocurrency researcher and writer specializing in emerging startups, tokenomics, and market dynamics within the blockchain ecosystem. With years of experience in crypto journalism and blockchain research, he provides in-depth coverage of decentralized finance (DeFi), NFTs, and Web3 innovations.

He holds a Bachelor of Arts in Geography and Rural Development from Kwame Nkrumah University of Science and Technology, Kumasi, bringing a multidisciplinary perspective to the evolving digital asset space. As a Crypto News Writer, he tracks and reports on industry trends, while his role as a Registrar at the Commission on Human Rights and Administrative Justice reflects his commitment to governance and transparency.

His expertise spans content strategy, SEO optimization, and technical research, enabling him to craft insightful, data-driven analyses. Passionate about blockchain’s transformative potential, he strives to equip readers with the knowledge to navigate the complexities of digital assets and decentralized technologies.

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