Following Bybit's significant ETH hack, the exchange has made partial returns while laundering threats persist.
ETH Return Post-Hack
Bybit returned 100,000 ETH to partners assisting in the attack's aftermath. However, approximately 33,000 ETH remains pending. Additionally, Bybit purchased 212,101 ETH valued at $574 million through OTC transactions over the past three days.
Accelerated Laundering Process
The hack, linked to North Korea’s Lazarus Group, has triggered significant laundering activities. According to renowned blockchain investigator Yujin, known as EmberCN, the criminals laundered 45,900 ETH over the previous day, raising the total laundered to $335 million, or 135,000 ETH. This constitutes approximately 27% of the stolen funds. With 363,900 ETH ($900M) still held by hackers, the laundering process has been expedited, now projected at just 8-10 days instead of a month, signifying aggressive conversion efforts.
Grayscale’s Ethereum Staking Proposal
Apart from the Bybit hack developments, a significant update has surfaced in the Ethereum realm. The SEC acknowledged and published a proposal by NYSE Arca detailing Grayscale's plan to integrate staking within their Ethereum Trust ETFs. The Trust aims to leverage trusted providers for staking rewards while maintaining oversight, offering institutional investors exposure without direct involvement.
The aftermath of the Bybit hack and evolving Ethereum developments reflect a complex landscape for the crypto community. While some tackle repercussions, others explore new avenues for growth.
