- Ben Zhou of Bybit announces trace of 88.87% stolen funds, $1.4 billion impacted.
- Stolen funds include 12,836 BTC across 9,117 wallets.
- Decoding mixer transactions emerges as a key challenge.
Bybit co-founder Ben Zhou revealed on March 20 that they have traced approximately 88.87% of the $1.4 billion stolen in a cryptocurrency hack affecting about 500,000 Ethereum.
This event underscores critical challenges in crypto security, with 86.29% of stolen funds converted into Bitcoin and distributed across numerous wallets. This raises concerns about mixer networks’ role in obscuring transactions.
Tracing 88.87% of $1.4 Billion Theft Unveiled
A significant cyber breach occurred as hackers stole $1.4 billion, equivalent to 500,000 ETH, from Bybit. Following this, Ben Zhou confirmed that 88.87% remains traceable. Tracking efforts identified approximately 440,000 ETH converted into 12,836 BTC distributed in 9,117 wallets.
This conversion highlights the vast scale of the operation, reflecting sophisticated methods including Blockchain mixers like Wasabi and TornadoCash. Analysis shows 193 BTC went through Wasabi mixers, followed by dispersal among P2P traders.
“We believe this trend will grow as more funds will go through mixers. Decoding mixer transactions remains the no.1 challenge we’re facing right now.” — Ben Zhou, Co-founder, Bybit
Ben Zhou emphasized the challenge in decoding mixer transactions, urging bounty hunters’ involvement. Community and industry reactions highlight worries about crypto safety and underline calls for effective regulation. Zhou reported receipt of over 5,012 bounty reports in the last month, with 63 validated.
Implications and Comparisons to Past Crypto Hacks
Did you know? The scale of the Bybit hack and its intricate use of mixers mirrors past incidents such as the Mt. Gox hack, emphasizing persistent vulnerabilities in the crypto space. more on Mt. Gox
Ethereum (ETH) price altered nearly -3.94% over the past 24 hours, currently trading at $1,973.34 on March 20, 2025. The market capitalization of ETH stood at $238.04 billion. CoinMarketCap data showed that daily trading volume turned by 6.99%, reaching $16.61 billion.
Experts note that this event could accelerate calls for stringent regulatory frameworks. Despite current hurdles, regulatory clarity can play a pivotal role. Historical trends reaffirm the necessity for collaborative security efforts within the cryptocurrency ecosystem. regulation updates
No tags available.
Other Posts
Latest
U.S. OCC Removes ‘Reputation Risk’ from Bank Inspection Standards
Press Release
BlockDAG Announces Bug Bounty Program as Presale Hits $205M! TRX Tests Support Level While PI Price Drops
Cardano & Onyxcoin Grapple with Market Downturns as BlockDAG Shifts Interest by Achieving $205M Milestone
