Efforts are ramping up to recover $1.4 billion in stolen cryptocurrency, with 77% of the funds still traceable. Bybit CEO Ben Zhou confirmed that while only 3% of the stolen assets have been frozen, investigators are actively working to intercept transactions before they become untraceable.
Hackers are laundering funds through exchanges, OTC markets, and P2P networks, making this week a crucial period for asset recovery.
Hackers Convert $1 Billion into Bitcoin
A majority of the stolen funds—equivalent to 417,348 ETH ($1 billion)—has already been converted into Bitcoin. Hackers utilized 6,954 wallets, each averaging 1.71 BTC, to distribute the funds.
Investigators report that ThorChain has been a key tool for these transactions, allowing hackers to evade traditional tracking systems. Over 361,255 ETH ($900 million) was swapped through ThorChain. While authorities have traced these transfers, they are racing to freeze the funds before further withdrawals occur.
Laundering via ExCH and OKX Web3 Proxy
Despite active monitoring, 20% of the stolen crypto has gone dark, complicating recovery efforts. Zhou disclosed that 79,655 ETH ($172 million) was processed through ExCH, which remains under investigation. Authorities are still awaiting updates on whether these funds can be retrieved.
Additionally, hackers funneled 40,233 ETH ($100 million) through the OKX Web3 proxy. Of this, 16,680 ETH has been traced, but $65 million (23,553 ETH) remains unaccounted for, requiring further cooperation from OKX Web3.
Bounty Program Aids Recovery
A bounty program is playing a vital role in freezing stolen assets, with 11 entities contributing to the efforts. Mantle, Paraswap, and investigator ZachXBT have been key players.
So far, Bybit and its partners have distributed $2.18 million in USDT as bounty rewards to those assisting in tracking stolen funds. More details on the Lazarus Bounty website encourage further participation in the initiative.
Final Efforts to Freeze Stolen Funds
With a significant portion of the assets still recoverable, authorities are working closely with blockchain analytics firms and exchanges to prevent hackers from cashing out. The race against time continues as investigators intensify their crackdown on laundering operations.
Anthony Pedro
Anthony Pedro is a seasoned crypto writer with a deep passion for blockchain technology and digital currencies. With over 4 years of experience in the cryptocurrency space, Anthony has become a trusted voice, offering insightful analysis and commentary on the latest trends, innovations, and market movements. When not writing, he is actively engaged in the crypto community, attending conferences, advising blockchain startups, and experimenting with new projects.