- $1.4B in hacked crypto laundered via mixers and cross-chain tools, says Ben Zhou
- 68.57% of stolen funds remain traceable, while 27.59% have gone dark
- Over 342K ETH converted to BTC and split across 35K+ wallets via Thorchain
Bybit CEO Ben Zhou has disclosed new findings showing that approximately $1.4 billion worth of hacked digital assets, nearly 500,000 ETH, moved through complex paths using mixers, cross-chain protocols, and decentralized exchanges.
Shared April 21st, Zhou’s update highlights the growing difficulty in tracking illicit funds. An increasing share vanishes using fraud tools before conversion to fiat via P2P and OTC channels. His report details how these funds are transferred, fragmented, and obscured.
Related: Latest Bybit Hack Linked to N. Korea’s Crypto Theft for Weapons Funding
Over 68% of Funds Still Traceable, but Mixer Use Expands
Out of the total funds hacked, 68.57% remain traceable on-chain, while 27.59% have gone dark; another 3.84% are frozen. Much untraceable crypto went through Wasabi, a Bitcoin mixer reportedly used by DPRK-linked actors. Smaller amounts also used CryptoMixer, Tornado Cash, and Railgun after Wasabi.
These assets then moved through cross-chain platforms like Thorchain, LiFi, and Stargate, enabling token swaps and blockchain jumps. Ultimately, the funds were offloaded using peer-to-peer or OTC services.
Breaking Down the Ethereum and Bitcoin Movements
Of the ~513k ETH involved, about 84.45% ($1.21B) moved off Ethereum. Roughly 343k ETH (67.25%) was converted into ~10k BTC and spread across ~36k wallets (averaging 0.28 BTC each). Only ~6k ETH (1.17%) remains on Ethereum across ~12k wallets.
Related: Ex-FBI Agent Uses Chainalysis to Track Crypto Criminals
On the Bitcoin side, an estimated 944 BTC ($90.6M) entered the Wasabi Mixer. Interestingly, some flowed back: 531 BTC (equal to ~18k ETH or 3.57% of the total) bridged back to Ethereum via Thorchain, signaling ongoing obfuscation tactics.
Separately, Zhou noted the Lazarus Bounty program received 5,443 reports in the past 60 days, confirming 70 as valid. The program needs more bounty hunters skilled in decoding mixer transactions.
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