~snip
To OP, i don't know where you and that father lives. But depending on where you live, not reporting someone you know committing crime may cause legal trouble. Have you and him consider taking next action?
Exactly what I thought.
A Cex seizing someone's asset, when they have important information shows that the person must have done something that might have warrant such action, and might even place the person on their radar. And maybe one of the victim might have made the report in this case. It is definitely a tough decision to make at this point considering the fact that OP is related to them, and the father won't want his son to be in any sort of trouble. But like you said, there might be some legal troubles, especially if Bybit decides to handle the case seriously.
It's beyond my power, there is nothing I can do about thing right now until if Bybit actually make a move, the exchange account is been blocked now so I believe they might not do anything.
I doubt Bybit will take further action, unless they receive official request from one of government agency.
What advice do you think is better if all this happened to your relative instead? I will like to know, because the amount isn't even worth the hassle, just my own thought and if eventually they decide to make a move he will face the consequences.
At this point, the only non-negative advice i could give is to consider getting legal consultation from expert (e.g. lawyer).
After all the talking and advising I don't see any signs of remorseful or regrets, I believe he doesn't regret his actions so I have made up my mind to not do anything if eventually he get arrested.
If he got arrested, i fear there's risk he may try to drag everyone who knows about his crime by stating they never report him.