🌎 Bybit Hacker Laundered $250 Million in Ethereum

Bybit Hacker Successfully Laundered $250 Million in Ethereum

A recent update on the Bybit hack has revealed that the attacker has managed to launder a significant portion of the stolen funds. According to a blockchain analytics firm, the hacker has successfully laundered 100,000 Ethereum (ETH), valued at approximately $250 million, in just four days.

Breaking Down the Stolen Funds

The hacker initially stole 499,000 Ethereum (ETH) from Bybit’s cold wallet. Since then, the attacker has been actively splitting the funds into smaller chunks and transferring them between several addresses. This tactic is aimed at making it more difficult to track the movement of the stolen funds.

The hacker has also been utilizing THORChain (RUNE) to make cross-chain swaps into other assets, including Bitcoin (BTC), Dai (DAI), and others. Despite the laundering efforts, the attacker still holds a substantial 399,000 ETH, surpassing the amounts held by both The Ethereum Foundation and Vitalik Buterin, one of Ethereum’s co-founders.

Bybit’s Recovery Efforts

In a separate development, Bybit has repaid the 40,000 ETH loaned to it by Bitget after the hack. Bitget’s CEO confirmed the repayment, highlighting that the loan was given without interest or collateral as a sign of industry support. The swift recovery demonstrates the strength and resilience of the cryptocurrency market.

Bybit has already fully covered the losses resulting from the exploit and has taken steps to rebuild trust. The exchange has compensated for all damages originating from the hack and has released a proof-of-reserves audit to demonstrate its capacity to withstand the impact.

Market Impact

Despite Bybit’s efforts to stabilize its holdings, Ethereum (ETH) is still in a correction phase. The current price of ETH is $2,489, down about 9% over the past 24 hours. Growing macroeconomic uncertainty and weakening market momentum have both contributed to the pullback.

For more updates on the Bybit hack and other cryptocurrency news, visit Global Crypto News.