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# Bybit Exec: Largely Plundered Assets Remain Traceable, Though Cybercriminals Grow Resourceful
Bybit’s top executive, Ben Zhou, claims that even though a large portion (88%) of the assets pilfered from the platform remain detectable, the cybercriminals are boosting their strategies and progressively utilizing Bitcoin blending services to conceal their actions.
In a status update, Zhou mentioned that as of March 20th, almost 89% of the $1.4 billion in stolen digital currency is still possibly retrievable. A substantial portion of that – roughly $1.23 billion – has been transformed into over 12,800 Bitcoin and dispersed across thousands of digital wallets. However, Zhou pointed out a concerning pattern: the cybercriminals are currently proactively employing Bitcoin blending services to cloud the source and transaction log of the pilfered assets.
Initially, the assets were plundered in Ethereum (ETH) and subsequently transformed into Bitcoin. This transformation mostly transpired via THORChain, a cross-chain liquidity supplier that has encountered disapproval for not doing sufficient measures to deter the cybercriminals from sanitizing the funds. One of THORChain’s primary contributors even stepped down in objection.
Subsequent to being processed through blending services, the assets are being transferred via various peer-to-peer (P2P) platforms. Zhou cautions that this pattern could pick up speed as more assets are handled through blending services, with approximately 7.59% of the total assets already “gone” – signifying they are no longer traceable.
The statement also reveals that only a small fraction (around 3.5%) of the assets have actually been immobilized. This was attributed to synchronized endeavors from entities like Tether, THORChain, ChangeNOW, and several platforms. In the direct aftermath of the cyberattack, over $42 million was immobilized within a day. Binance and Huobi also apparently immobilized accounts connected to the pilfered assets based on data furnished by blockchain analytics company Elliptic.
Aside from the status update on the assets, Zhou stated that out of over 5,000 reward reports obtained in the past month, merely 63 were regarded as legitimate. He also restated the plea for assistance in deciphering blending service transactions, underscoring that it stays a high priority.
Canary Capital Requests ETF, PENGU Value Increases
Bybit is experiencing a notable obstacle at the moment.
Bybit has introduced a specific online page for live monitoring of the purses related to the larceny, hoping to recoup the misappropriated finances and garner backing from the society. Anyone capable of offering worthwhile clues that result in the fruitful immobilization of finances in these purses will be granted 5% of the worth of the immobilized properties via the Bybit Premium Scheme.
