A recent executive summary by Ben Zhou has shed light on the status of the $1.4 billion in hacked Bybit funds, comprising approximately 500,000 ETH. According to the latest findings, 77% of these funds remain traceable, while 20% have gone dark, and 3% have been successfully frozen.

The breakdown of the stolen funds reveals that 83% (417,348 ETH, valued at around $1 billion) have been converted into BTC, spread across 6,954 wallets, with an average of 1.71 BTC per wallet.

The coming weeks are deemed critical as these funds begin to clear through exchanges, over-the-counter (OTC) transactions, and peer-to-peer (P2P) trading. THORChain has been identified as the primary method used to swap ETH for BTC, with approximately 361,255 ETH ($900 million) laundered through the platform.

Additionally, 79,655 ETH ($190 million) or 16% of the stolen funds have gone dark via ExCH, and updates are still awaited. OKX Web3 Proxy was also used for laundering, with 40,233 ETH ($100 million) processed through the platform. Out of this, 16,680 ETH remains traceable, while 23,553 ETH (~$65 million) is currently untraceable, requiring further data from OKX Web3 Wallet.

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In efforts to mitigate losses, 11 parties have contributed to freezing stolen assets, with Mantle, Paraswap, and ZachXBT emerging as the top three players in this initiative. As a result, $2,178,797 USDT has been distributed among 11 bounty hunters who played a role in tracking and freezing the stolen funds.

As the laundering process continues, authorities and crypto organizations remain vigilant, aiming to recover and freeze as much of the stolen funds as possible. The upcoming days will be crucial in determining how much of the hack proceeds can be stopped before they become irretrievable.