Bybit CEO Ben Zhou revealed that hackers stole a total of $1.4 billion (approximately 500,000 ETH) and a significant portion of the funds are still traceable.
Bybit CEO: Hackers Stole $1.4 Billion in Crypto, Most Converted to Bitcoin
Distribution of Stolen Funds
According to Zhou, the stolen funds were distributed as follows:
- 77 of them are watchable
- 20 cannot be tracked
- 3 of them are frozen
Additionally, 83% of the stolen funds were converted to Bitcoin and distributed across 6,954 wallets, further complicating recovery efforts.
Ongoing Efforts to Trace and Recover Assets
The Bybit team is actively working with blockchain forensics firms and law enforcement to trace and recover the stolen assets. The significant amount that remains traceable suggests that coordinated action could lead to a portion of the funds being frozen or recovered.
Crypto exchanges and cybersecurity experts are closely monitoring the movements of these funds, and industry leaders are calling for increased vigilance against cyber threats. The incident underscores the growing security challenges facing the cryptocurrency sector.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/bybit-ceo-ben-zhou-explains-the-status-of-stolen-funds-how-much-is-recoverable-here-are-the-details/