Whale Alert, a well-known blockchain tracker that monitors heavy cryptocurrency transactions, has discovered several large ETH withdrawals made in succession from the Bibit exchange.
The platform has not been infamous for its recent massive hacks when it lost more than $1.4 billion in Ethereum to a team of North Korean hackers known as the Lazarus Group.
120,000 ETH makes BYBIT unknown, but destination has been identified
Whale Alert has found it to withdraw four times in a row, carrying 30,000 ETH, each worth about $60.4 million. These transfers totaled up to 120,000 Ethereum, $24,182 million.
All four transactions from Bybit took place in wallets tagged as anonymous by the blockchain tracker.
🚨🚨🚨🚨30,000 #eth(60,501,389 USD) transferred from #bybit to unknown wallethttps://t.co/qfmt2udxlp
– Whale Alert (@Whale_Alert) March 20, 2025
However, the same data source provided details revealing the destinations of all four transactions. This was the Bibit itself. This makes these forwardings internal. This is because it is the second largest crypto exchange by trading volumes after Binance reshuffles ETH Holdings.
BIBit CEO Statement on Recovery of Stolen Funds
Bybit CEO Ben Zhou published an executive summary of the funds that Lazarus Group was stolen from BYBit earlier this year. On February 21st, Bybit faced an exploit of the Ethereum Smart Contract. As a result, $1.4 billion worth of Ethereum was released by hackers.
That amounted to about 500,000 ETH. According to Ben Zhou, the largest portion of the stolen code (88.87%) is traceable, with 7.59% even unresponsive and 3.54% of that ETH frozen thanks to the quick response of the exchange.
Bybitben: Hackers used BTC mixers to transfer funds. Of the total $1.4 billion (approximately 500k ETH) of stolen funds, 88.87% are traceable, 7.59% are untraceable, and 3.54% are frozen. 86.29% of the stolen funds (approximately 440K ETH) have been converted to…
– WU Blockchain (@wublockchain) March 20, 2025
He added that 86.29% of the stolen Ethereum (approximately 440,000 ETH) has already been converted to Bitcoin (12,836 BTC), spreading in around 10,000 wallets. Each contains approximately 1.41 BTC.
The biggest challenge for the Bibit team is decoding transactions made through the crypto mixer platform used by hackers. These mixers are WASBI, Cryptomixer, Railgun, and Tornadocash. After the mixer, the cipher goes to various P2P vendors.
For the past month, CEOs have received 5,012 reports for the bounty program announced by Bybit, of which only 63 have proven to be in effect. Overall, BYBIT is committed to paying 10% of the stolen funds to all those who will help retrieve the stolen ETH.
