The Bybit crypto hack continues to reveal troubling developments. According to a new statement from the exchange, more than $644 million out of the $1.4 billion stolen is now permanently lost. Despite intense efforts, these funds can no longer be traced due to advanced laundering techniques.
Over Half of Stolen Funds from Bybit Crypto Hack Are Gone
The Bybit crypto hack involved a range of sophisticated laundering tools. TRM Labs investigators confirmed that stolen crypto was routed through several popular crypto mixing services. Among them:
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$247.5 million (~966 BTC) via Wasabi Wallet
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$94.1 million through eXch, which falsely claimed it shut down in April 2025
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$2.5 million through Tornado Cash
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$1.7 million via Railgun
These mixers anonymize all incoming and outgoing funds, making it extremely difficult to track individual addresses or amounts.
TRM Labs Flags eXch Mixer’s Continued Operation
The most concerning revelation is that eXch, despite its public shutdown, still operates through private APIs. According to TRM Labs, the system is fully opaque:
“You can’t tell how many people are behind each address. Everything is mixed together,” the report says.
The Bybit crypto hack has exposed just how dangerous unregulated mixers can be to digital finance.
Partial Recovery Still Possible
As of now, $693 million of the stolen amount is considered potentially recoverable, but only $63 million has been frozen. That’s roughly 4.5% of the total.
Immediately following the breach, Bybit offered a 5% bounty to any exchange, protocol, or platform that could help freeze assets linked to the Lazarus hacker group, believed to be behind the attack.
Bybit reaffirmed its commitment to distribute the bounty as soon as assets are blocked.
