Bybit CEO, Ben Zhou has decried the increasing usage of crypto mixers by hackers to perpetrate their laundering activities. Zhou raised the alarm in a March 20 Twitter post, where he also asked for the development of bounty hunters that can track crypto mixers.

Likewise, he shared more insight into the current status of the funds stolen from Bybit last month. According to him, the hackers used Wasibi mixers, Cryptomixer, Raligun and TornadoCash to launder funds stolen from the exchange.

As of press time, 88.87% of the stolen funds are traceable while 7.59% are untraceable, and 3.54% frozen. About 86.29% (440,091 ETH ($1,790.21)) of the stolen funds have been converted into 12,836 BTC ($94,133.00) across 9,117 wallets. The CEO added that an average wallet contains 1.41 BTC each.

Zhou revealed that about 193 BTC ($16 million) went through the Wasibi mixer before its distribution to various p2p vendors. He added that the challenge of tracing the funds will continue to grow as more funds go through mixers.

Furthermore, the CEO added that the exchange is currently faced with difficulty in decoding mixer transactions. According to Zhou, Bybit in the last 30 days has received 5012 bounty reports of which only 63 were valid.

Bybit loses $1.5 billion to the biggest hack in history

Recall that Bybit exchange suffered the biggest hack in history on the 21st of February, 2025 which led to the loss of $1.5 billion worth of Ethereum. As revealed, the hackers carried out the malicious attack by compromising a Safe developer’s computer to manipulate the Safe UI built for the exchange’s transactions. With this, the hackers tricked one of the signatories of the exchange’s cold wallets into approving the transfer of 401,000 ETH.

In an investigation conducted by the Federal Bureau of Investigation (FBI), it was confirmed that North Korean group, Lazarus carried out the attack. The investigative body referred to the group as TradeTraitors and called for the support of various exchanges in blocking transactions linked to these bad actors.

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