The majority of the 417,348 ETH stolen from Bybit in February 2025, valued at approximately $1 billion, was converted into Bitcoin (BTC) and distributed across nearly 7,000 wallets to hinder tracking efforts.

Quotes that support claims

Zhou revealed that the attackers converted much of the stolen ETH into Bitcoin (BTC) through THORChain, a decentralized platform designed for cross-chain asset swaps.

The hackers converted about $1 billion of the stolen funds — 417,348 ETH — to Bitcoin and spread it across 6,954 cryptocurrency wallets with an average holding of 1.71 BTC per wallet.