Bybit Hacker Laundering Over Half of Stolen $1.4 Billion in ethereum
The hacker responsible for the massive $1.4 billion Bybit exploit has already laundered more than half of the stolen Ethereum. According to Spot On Chain, the attacker has moved 266,309 ETH, valued at about $614 million, in just five days. This averages out to 48,420 ETH per day.
If this pace continues, the remaining 233,086 ETH could be fully laundered within another five days. The hacker primarily uses THORChain to swap ETH for Bitcoin.This has caused a importent spike in THORChain activity.
On Feb. 22, daily transaction volumes on thorchain jumped from an average of $80 million to $580 million. in just five days, the total transaction volume reached $2.91 billion, with THORChain earning $3 million in fees. Feb. 26 saw a record-breaking $859.61 million in swaps.
The U.S. FBI officially linked North korean hackers to the heist.The Bybit hack, known as “TraderTraitor,” is part of a series of cyberattacks attributed to North Korean state-sponsored hackers.
Forensic investigations by Sygnia Labs and Verichain confirmed that Bybit’s security infrastructure remained intact. The vulnerability was linked to a compromised Safe Wallet developer machine. The attackers exploited this to insert malicious code into the Gnosis Safe UI, targeting Bybit’s cold wallet.
Bybit has launched a website to track the laundering of its stolen funds and is offering a bounty to exchanges that assist in recovering the assets.
