Bybit BEN Hack: $1.4B in Stolen Funds Partially Traced
Hackers moved Bybit BEN stolen funds via BTC mixers. $1.4B stolen, with 88.87% traceable, 3.54% frozen, and challenges in decoding mixer transactions.
- Hackers stole $1.4B, converting most into BTC via mixers.
- 88.87% of funds remain traceable, 3.54% frozen.
- Mixer transaction decoding is the biggest challenge.
In a major security breach, hackers stole approximately $1.4 billion worth of digital assets from Bybit BEN, equivalent to around 500,000 ETH. The attackers used sophisticated techniques, including Bitcoin mixers, to obscure the origin and trail of the stolen assets. These mixers complicate efforts to trace the movement of funds, posing a significant hurdle for cybersecurity teams and Blockchain investigators.
Out of the stolen total, 88.87% of the funds remain traceable, providing hope for recovery. However, 7.59% have become untraceable due to obfuscation methods, and 3.54% of the funds have been frozen by authorities or exchanges. The conversion of 86.29% of the stolen ETH into Bitcoin—about 12,836 BTC—was a strategic move by hackers, likely aimed at taking advantage of BTC’s higher liquidity and easier laundering opportunities. These BTC holdings are now spread across 9,117 wallets.
Bounty Program and Ongoing Investigations
In response to the hack, Bybit BEN has ramped up its bounty program, receiving 5,012 reports in the last 30 days. However, only 63 reports were found valid, highlighting the complexity of tracking down these cybercriminals. The core issue lies in decoding mixer transactions, which remain the biggest challenge for blockchain forensics.
With the majority of the funds still traceable, there is cautious optimism that law enforcement and blockchain analysts can recover more assets. For now, the focus remains on tracking wallet movements and analyzing mixer patterns.
