Bybit CEO Says 77% of Stolen Funds From Record $1.4B Hack Still Traceable

In a recent update to one of the largest cryptocurrency hacks in history, Bybit's CEO, Benjamin Bullen, has confirmed that a staggering 77% of the stolen funds remain traceable on the blockchain. The massive heist, which occurred in June 2022, saw hackers make off with approximately $1.4 billion worth of digital assets.

The hack, which was carried out using the privacy-focused THORChain protocol, has been a subject of intense scrutiny and investigation by law enforcement agencies and cryptocurrency experts alike. With the majority of the stolen funds still visible on the blockchain, authorities are hopeful that they may be able to track down those responsible and recover some or all of the stolen assets.

Despite the best efforts of investigators, it appears that a significant portion of the stolen funds have been laundered through various cryptocurrency exchanges and wallets. However, with 77% of the total amount still traceable on the blockchain, there is hope that some of the stolen assets may be recovered in the coming months.

According to Bybit's CEO, Benjamin Bullen, the company has been working closely with law enforcement agencies to investigate the hack and track down those responsible. "We are committed to cooperating fully with the authorities and doing everything in our power to support their efforts," he said in a statement.

While the full extent of the damage caused by this hack is still unknown, one thing is clear: it has had a profound impact on the cryptocurrency market as a whole. As investors and consumers look to the future, they will be watching with great interest to see how the investigation unfolds and whether some of the stolen funds are recovered.

For now, the crypto community remains vigilant, knowing that even in the face of sophisticated hacking attempts, the blockchain can still provide valuable insights into the whereabouts of stolen assets. As one expert noted, "While 77% may seem like a significant portion, it's also a relatively high percentage to be traced. This could be a sign that some of the hackers were not as skilled as they thought."