Bybit CEO Ben Zhou Reveals Stunning Details About The Record $1.4B Hack

Recent news has emerged regarding the massive cryptocurrency heist that shook the online trading platform, Bybit. According to Bybit's CEO, Ben Zhou, an astonishing 77% of the funds stolen from the exchange remain traceable on the blockchain. This staggering figure comes in the wake of a record-breaking hack that saw over $1.4 billion worth of cryptocurrencies siphoned off from the platform.

The majority of the traceable funds, valued at approximately $1 billion, are comprised of 417,348 Ethereum (ETH) tokens. These assets were transferred using a privacy-focused THORChain, a method designed to obscure the origin and destination of cryptocurrency transactions. However, it appears that this tactic was not foolproof for hackers, who managed to leave behind a digital trail.

While the majority of the stolen funds remain within reach, Bybit CEO Ben Zhou has revealed that 20% of the total haul has "gone dark" – meaning its current location on the blockchain is unknown. This significant portion of the stolen assets has been shrouded in mystery, leaving investigators scrambling to track down their digital breadcrumbs.

One of the most striking aspects of this hack was the hackers' ability to convert a significant portion of the stolen ETH into Bitcoin (BTC). In fact, an astonishing 83% of the ETH were converted to BTC, marking a notable trend in cryptocurrency theft. This shift towardsBTC suggests that hackers are increasingly looking for ways to diversify their ill-gotten gains and potentially offload them onto more traditional exchanges.

While Bybit has yet to comment on the full extent of the damage or provide an estimated timeline for recovering the stolen funds, CEO Ben Zhou's admission has shed new light on the complexities of cryptocurrency theft. As investigators continue to follow the digital trail, one thing is clear: this record-breaking hack will have far-reaching implications for the cryptocurrency industry as a whole.