Bybit CEO Reveals Most Lazarus Funds Remain Traceable

Bybit CEO Ben Zhou recently revealed that most of the $1.4 billion stolen from the exchange by North Korea’s Lazarus Group remains traceable, with over two-thirds (68.6%) remaining identifiable. This information comes from a summary on Bybit’s executive website detailing the hacked funds. Zhou details how the funds flowed through various platforms, including mixers and peer-to-peer networks, before reaching ultimate destinations like OTC exchanges. Notably, he points to Wasabi as the primary mixer used by the Lazarus Group. 70 of over 5,443 bounty reports received in recent months were considered valid, leading Bybit to pay out $2.3 million to 12 individuals. This action follows Bybit’s launch of the Lazarus Bounty program, offering a total reward of $140 million for information leading to frozen funds, with most payments going to the Mantle layer-2 platform for its efforts in freezing over $42 million worth of stolen assets.