Latest ByBit Hack update: 28 percent funds gone dark
Out of $1.4 billion dollars of hacked ByBit funds, around 28 percent has gone dark, meaning it is untraceable. The centralized cryptocurrency exchanges like Binance, KuCoin have been able to freeze a meager 4% of total funds. However, 69% of funds still remain traceable.
Here is the rundown of the funds, as mentioned by Ben Zhou on X
Ethereum Whereabout:
432,748 ETH (84.45%, ~$1.21 B) has been transferred from ETH to BTC via Thorchain
67.25% (342,975 ETH, ~$960.33 M) has been converted into 10,003 BTC across 35,772 wallets (Average 0.28 BTC each).
1.17% (5,991 ETH, ~$16.77 M) remains on the Ethereum blockchain across 12,490 wallets (Average 0.48 ETH each) .
Bitcoin Whereabout:
944 BTC (6.34%, ~$90.62 M) went to Wasabi Mixer.
531 BTC (equivalent to 18,206 ETH, 3.57%) has been transferred from BTC to Ethereum via Thorchain.
It is fascinating how we celebrate tracking 68% while 28% went dark. Market asymmetry at work – mixers adapt faster than trackers. Risk management 101: system will evolve to maximize entropy unless energy invested to prevent it. Wasabi today, something new tomorrow.
The laundering trail is getting more complex. Mixers like Wasabi and bridges like Thorchain are core to DPRK-linked obfuscation.