A recent hack of the cryptocurrency exchange Bybit led to the theft of approximately 500,000 ETH. Within 60 hours post-incident, the perpetrator managed to launder 18% of the stolen funds.
Bybit Hack
According to blockchain analysis firm EmberCN, in the past two and a half days, the hacker successfully laundered 89,500 ETH, valued at about $224 million. This represents approximately 18% of the nearly 500,000 ETH stolen.
THORChain Laundering
Most of these transactions were carried out through THORChain, a decentralized cross-chain exchange known for its anonymity. The crypto analytics platform Arkham Intelligence reported that the perpetrator makes relentless transfers, executing two to three per minute.
Bybit and Authorities' Response
Bybit CEO Ben Zhou has stated that the exchange is actively working to track and recover the stolen funds. Law enforcement authorities, cybersecurity companies, and independent experts are involved in the response.
Despite the perpetrators' efforts to cover their tracks, Bybit and law enforcement continue to work on recovering the stolen funds and preventing further illicit activities.
