Bybit exchange restores operations after a major crypto hack. Hackers laundered 18% of stolen funds while Bybit repaid the Bitget loan.
Funds Laundering Post-Bybit Hack
On-chain data revealed that the hackers who breached Bybit laundered 89,500 ETH valued at $224 million, representing 18% of the total stolen funds of 499,000 ETH. The hackers plan to exchange remaining funds for other assets within half a month, primarily using THORChain for cross-chain transactions.
Chainflip Protocol Update
The cross-chain bridge Chainflip announced plans to update its protocol to block illicit fund flows from Bybit hackers. The updated version is expected to launch within 24-72 hours and will include broker-level screening tools to block high-risk transactions, returning them to the user's refund address.
Bitget Loan Return
Bitget CEO Gracy Chen confirmed that Bybit has returned the 40,000 ETH loaned without interest or collateral. This incident demonstrated the strength and solidarity of the crypto industry.
Bybit is steadily recovering from the hack, thanks to industry collaboration and technological upgrades. The return of Bitget's loan confirms Bybit's successful recovery.
