Only 3.84% Of $1.4 Billion In Hacked Crypto Frozen, ByBit CEO Reveals

Source Bitcoinist

Crypto exchange ByBit has disclosed that scarcely one‑twentieth of the assets siphoned off in the sprawling $1.4 billion exploit orchestrated by North Korea’s Lazarus Group are currently locked down. “Only 3.84 percent of the hacked funds are frozen,” chief executive officer (CEO) Ben Zhou revealed via X, warning that the remainder “continues to circulate in an ever‑thickening web of mixers, cross‑chain swaps and over‑the‑counter desks.”

Frozen Crypto Funds? Barely

The exchange’s internal forensic review pegs the original loss at roughly 500,000 ETH, valued at $1.4 billion at the time of theft. Of that total, 68.57% remains traceable, while 27.59% has gone dark—a discrepancy Zhou attributes to “rapid fragmentation and deliberate chain‑hopping designed to frustrate surveillance.”

According to a ByBit executive summary dated 21 April, the untraceable tranche first passed through the Wasabi mixer, with smaller fragments later funneled into CryptoMixer, Tornado Cash and Railgun. The laundered coins then traversed multiple cross‑chain bridges and swap routers—Thorchain, eXch, Lombard, LiFi, Stargate and SunSwap—before disappearing again inside P2P and OTC fiat ramps. “Each hop trims visibility by a few more basis points,” Zhou said, noting that investigators now confront “a labyrinth of tens of thousands of microscopic wallets.”

On the Ethereum side, the firm tracked 432,748 ETH—about 84.45% of the original stack—into BTC via Thorchain. Roughly 67.25% of the initial ETH amount, or 342,975 coins, has already become 10,003 BTC, scattered across 35,772 wallets that average 0.28 BTC each. A residual 5,991 ETH, representing 1.17% of the haul, still sits natively on Ethereum at 12,490 addresses with an average balance below half an ether.

The Bitcoin trail shows a mirror image of the laundering cycle. ByBit found that 944 BTC, or 6.34% of the converted stash, landed in Wasabi. Another 531 BTC—equivalent to 18,206 ETH, or 3.57% —has already been bridged back to Ethereum via Thorchain, underscoring the attackers’ preference for swing‑trading between chains to exploit analytic blind spots.

Investigators working with the crowd‑sourced platform Lazarusbounty.com have attempted to map the dispersion. In the past 60 days the site logged 5,443 bounty submissions, yet only 70 were deemed valid. A notice on the portal pleads for greater public participation: “We welcome more reports; we need more bounty hunters that can decode mixers as we need a lot of help there down the road.”

Despite the daunting numbers, Zhou insists the window for clawbacks has not yet closed. “Roughly two‑thirds of the cryptocurrency is still visible on‑chain, albeit highly fragmented,” he said, adding that further freezes will depend on “coordinated pressure across centralized exchanges, cross‑chain liquidity hubs and even fiat gateways.”

For now, however, the lion’s share of the Lazarus‑linked war chest remains in motion—swapping, bridging and tumbling through the decentralized undergrowth—while the fraction frozen stands at a mere 3.84 percent, a statistic that starkly illustrates how porous the global enforcement perimeter remains against state‑sponsored crypto theft.

At press time, ETH traded at $1,631.

Ethereum price
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Outlook 2025As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
Author  TradingKey
Jan 23, Thu
As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Analysts Highlight 4 Reasons Why ETH Price Could Rebound Strongly in MayEthereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
Author  Beincrypto
May 07, Wed
Ethereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
placeholder
Ethereum Price Ready to Surge—$2,000 Level Could Be Within ReachEthereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
Author  NewsBTC
May 08, Thu
Ethereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
placeholder
Ethereum Price Explodes Past $2,200 with 25% Surge—Momentum Builds FastEthereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone. Ethereum started a fresh surge above the $2,000 resistance.
Author  NewsBTC
May 09, Fri
Ethereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone. Ethereum started a fresh surge above the $2,000 resistance.
goTop
quote