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FollowingBlockchain investigator Zach XBT traces more than $12 million in funds related to the 2025 Bybit theft
Independent online investigator ZachXBT said he traced more than $12 million in funds related to the 2025 Bybit theft. This development further sheds light on the whereabouts of stolen cryptocurrencies after a major exchange was hacked.
Zach XBT's claimed tracking results
Zach XBT, an independent online investigator known for his expertise in tracking stolen cryptocurrencies across blockchains, reported that he traced more than $12 million in funds related to the Bybit theft. This statement provides specific amounts for previous financial flows that lacked public records. Zach XBT has a good track record of identifying the flow of funds missed by law enforcement agencies and exchanges. In another case, he traced USDT flows worth $120.2 million, which ultimately led to Tether freezing related assets, demonstrating how on-chain tracking has real-world consequences. He also identified a $3.8 million security flaw in the NEAR Intentions protocol, demonstrating how investigators track funds across different blockchain networks.
It should be noted that Zach XBT's report is an assertion, not a confirmed legal conclusion. Tracking funds on the blockchain means identifying the wallet address where specific tokens were received or moved. This does not automatically mean that the funds have been frozen, recovered, or linked to specific individuals.
Key Points
- Zach XBT claims to have traced more than $12 million in funds related to the 2025 Bybit theft.
- As of the release of this report, the claim is attributed to Zach XBT and has not been independently confirmed by Bybit or law enforcement agencies.
- Tracking funds online is designed to identify wallet movements; this does not mean that the funds have been recovered.
This claim is related to the Bybit theft incident in 2025
The Bybit theft incident occurred in 2025 and was one of the major exchange security incidents of the year. Exchange hacking typically involves attackers gaining access to hot wallets (online storage connected to the Internet) or using vulnerabilities in the cash withdrawal system to transfer customer funds without authorization.
Once funds leave an exchange in a theft, attackers often try to cover their tracks by moving them to multiple wallets, converting between different tokens, or using privacy-conscious tools. Investigators like Zach XBT would reverse track these transactions to rebuild the flow of money. Similar forensic work has helped the FBI track Bitcoin payments in criminal cases, suggesting that blockchain's public ledger could put those trying to hide illicit funds at a disadvantage.
The $12 million figure reported by Zach XBT represents a portion of the total funds stolen in the Bybit incident. There are no conclusive reports to confirm whether there are additional amounts that have not been tracked, or whether the entire amount stolen has been partially determined through other investigations.
What the tracking claim means for cryptocurrency holders
For anyone who holds cryptocurrency on an exchange, such public tracking reports have practical implications: stolen funds are not always unrecoverable. When skilled investigators were able to track more than $12 million in funds across blockchain, this suggests that transparency in public ledgers has a dual effect. Hackers who steal money from exchanges leave a permanent record of every transaction they make.
Having said that, tracing is not the same as recovering. Users should view this report as a step in a longer process until an exchange, regulatory agency or law enforcement agency confirms that traced funds have been frozen or returned. Before assuming that the situation is resolved, please pay close attention to subsequent statements issued by Bybit or relevant authorities.
If you hold funds on any centralized exchange, this case reminds us to understand how the platform handles security incidents and whether it provides insurance or recovery funds to users affected by theft.
