Bibit CEO Ben Zhou last month explained how hackers can turn to Bitcoin mixers to wash their $1.5 billion Ethereum.
In an update shared on X on March 20th, Zhou revealed that 193 BTC, about $16 million from the stolen funds, leaked through Wasabi wallets before being distributed to various P2P vendors.
In addition to the aisles, Zhou revealed that hackers use other mixers such as Cryptomixer, Railgun and Tornado Cash.
He added:
“We believe this trend will grow as more funds pass through the mixer. Decoding mixer transactions is the No. 1 challenge we are facing.
With crypto mixers, users blend crypto transactions with others, making public blockchain tracing funds difficult. Privacy-conscious users often use these services, but cybercriminals also use them to hide illegal activities.
As a result, regulators have approved platforms like Tornado Cash for their role in washing stolen assets.
Stolen funds are still partially traceable
Despite ongoing washing attempts, Most of the stolen assets remain Trackable.
Zhou confirmed that 88.87% (nearly $1.5 billion) of the stolen 500,000 ETH is still tracked, 7.59% are untraceable and 3.54% are frozen.
He further detailed that 440,091 ETH, worth around $1.23 billion, has been converted to 12,836 BTC and distributed in 9,117 wallets.
BYBIT is actively investigating the violation and has received 5,012 reports in the past month. However, only 63 people provided viable intelligence. Zhou urged more bounty hunters to track their assets washed through a crypto mixer.
After the attack, Bibit continues to operate, but in the aftermath of the incident, they continue to weigh and consider exchanges.
According to silkworm data, data on the chain shows Bybit’s market share fell to nearly 5% from nearly 20% on February 21, but since it rose to 10% as of March 19, the exchange has recovered.
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