The surge in activity follows the hack of the crypto exchange Bybit on Feb. 22, which saw the North Korean malicious entity walk away with $1.4 billion in ether. Per observers, the entity used THORChain to swap and launder funds, resulting in a record activity on the platform.

Bybit confirmed it was behind a proposal urging decentralized finance (DeFi) protocol ParaSwap to return fees collected from swaps involving funds stolen by the Lazarus Group.

The Bybit funds have been swapped, but 77% are still traceable, noted the exchange's CEO Ben Zhou. The hack caused unprecedented partnership with other markets and protocols to intercept funds where possible.

Some 417,348 ETH, valued at approximately $1 billion remain traceable on the blockchain after being moved using privacy-focused THORChain.

Bybit suffered one of the largest crypto heists in history, with hackers stealing nearly $1.4 billion in customer assets. While the attack was

North Korea's Lazarus group, reportedly behind the Bybit hack, has laundered all 499,000 stolen ETH leveraging crypto mixers and DEXs.

The Bybit CEO has warned that this will be a "critical" week to track down funds from the hack that drained $1.4 billion from the exchange.

More than 77% of the funds stolen in the massive Bybit hack remain traceable, while 20% have gone dark, CEO Ben Zhou said Tuesday on X.

Hackers who managed to run off with $1.4 billion in stolen Ethereum from the Bybit exchange have already converted most of the funds That is according to experts at

The Bybit hacker has successfully laundered all 499,000 ETH within 10 days. Most of the stolen funds were funneled through ThorChain and converted into Bitcoin.