27.59% of the stolen funds from Bybit are untraceable, while 68.57% are still traceable
ChainCatcher news, Bybit CEO Ben Zhou posted an update on the March 20th theft incident: the total amount of stolen funds reached $1.4 billion (approximately 500,000 ETH). Of this, 68.57% is still traceable, 27.59% is no longer traceable, and 3.84% has been frozen.Flow of Funds Analysis:The untraceable funds mainly flowed into mixers, and were later transferred to P2P and over-the-counter trading platforms via cross-chain bridges. Recent observations indicate that North Korean hacker groups (DPRK) primarily use the Wasabi mixer. After being washed through Wasabi, a small amount of BTC was transferred to CryptoMixer, Tornado Cash, and Railgun, and subsequently exchanged across chains through platforms such as Thorchain, eXch, Lombard, LiFi, Stargate, and SunSwap. Ultimately, these funds entered over-the-counter (OTC) or peer-to-peer (P2P) fiat exchange services.ETH Distribution:432,748 ETH (84.45%, approximately $1.21 billion) was transferred from Ethereum to BTC via Thorchain. Of this, 67.25% (342,975 ETH, approximately $960 million) was exchanged for 10,003 BTC, distributed across 35,772 wallets (an average of 0.28 BTC per wallet); 1.17% (5,991 ETH, approximately $16.77 million) remains in 12,490 wallets on the Ethereum chain (an average of 0.48 ETH per wallet).BTC Distribution:944 BTC (6.34%, approximately $90.62 million) entered the Wasabi mixer; 531 BTC (equivalent to 18,206 ETH, 3.57%) was transferred back to Ethereum from the BTC chain via Thorchain.In the past 60 days, 5,443 reports have been received, of which 70 are valid, calling for more bounty hunters who can crack mixers to join.