Bybit Hacker’s Laundry Day: $250 Million via THORChain

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According to reports, the hacker behind the Bybit hack has already laundered 100,000 ETH ETH $2 431, worth about $250 million. The Lazarus Group initiated this laundering just days after carrying out one of history’s most notorious cryptocurrency heists.

Stolen Ethereum Funds Dispersed Across Wallets

It is worth mentioning that blockchain analytics firm Spot On Chain disclosed that the attacker has been dividing the funds they catered away with into smaller amounts. Per the digital traces of their loot, they are now distributing the funds into multiple wallets.

Reports also show that the hacker has been trying to cover their track by using THORChain to convert ETH into Bitcoin BTC $89 103, Dai, and other assets. The reason for this is to make it harder to trace the funds.

🚨 100,000 $ETH (~$250M) has been laundered by #Bybit hacker in under 4 days!

The hacker has now washed 20% of the stolen 499K $ETH, actively splitting funds into smaller amounts across multiple addresses and using THORChain for cross-chain swaps into $BTC, $DAI, and other…

— Spot On Chain (@spotonchain) February 25, 2025

Given these ongoing transactions, the attacker still controls 399,000 ETH. It gets more interesting as this amount is larger than what Ethereum co-founder Vitalik Buterin and even the Ethereum Foundation currently hold.

Consequently, this attack has raised many concerns and issues about the future of the crypto community. However, Bybit has continued to work with industry partners to restore trust.

For instance, the exchange has disclosed that it remains financially stable. A proof-of-reserves audit released on February 24 showed that it has more than enough assets to cover the loss.

The trading platform has also opened withdrawals with all redemptions fulfilled.

Bybit Secures Support as Market Reacts to the Breach

Similarly, to stabilize its position, Bybit has taken commendable steps to recover. One major move was repaying a 40,000 ETH loan from Bitget shortly after the hack.

In an X post, Bitget CEO Gracie Chen confirmed to the broader crypto community that the exchange gave out the loan without interest or collateral. This was part of a coordinated effort to support Bybit Exchange.

Similarly, Bybit’s CEO Ben Zhou, shared more about the situation. He stated that the firm has taken more measures to strengthen its security and prevent future breaches.

Likewise, to maintain high liquidity, the exchange has secured additional loans, got very large whale deposits, and made targeted ETH purchases to offset potential selling pressure.

Following the hack news, The price of Ethereum dropped by 3% but recovered shortly afterward. However, the market remains more careful and strategic about investment.  This follows Ethereum trading at $2,489, marking a 9% decline over the past 24 hours.

In addition, some popular industry analysts believe Bybit’s continued efforts to increase its reserves could help stabilize prices. However, concerns over the hacker’s remaining funds persist.

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2025-02-25 15:41