Attackers targeting Bybit exchange have laundered a significant amount of stolen Ethereum. Utilizing various cryptocurrency platforms, these hackers aim to obscure the trail of transactions.
Laundering of Stolen Funds
According to analyst EmberCN, hackers targeting Bybit exchange have laundered 89,500 ETH—approximately $224 million—in the past two and a half days. This amounts to 18% of the total stolen Ethereum, which stands at 499,000 ETH. The hackers utilized various platforms, including Chainflip, THORChain, LiFi, DLN, and eXch, to exchange the stolen cryptocurrency for other assets. Despite Bybit's efforts to freeze these funds, eXch has not taken any steps to lock the funds.
Efforts to Recover Funds
Bybit, along with key partners such as Tether and Fixed Float, has taken measures to halt the laundering of funds, freezing significant quantities of tokens. Tether halted $181K USDT, while Fixed Float froze $120K USDC and ESDT. Several other platforms also joined the freeze process.
Implications and Aftermath
The attack on Bybit exposed vulnerabilities in the cryptocurrency infrastructure. The hackers were linked to the Lazarus Group, making this the largest theft of cryptocurrency in history. While Bybit has assured compensation to clients for their losses, the incident highlights the need for enhanced security measures within the crypto ecosystem. According to Elliptic, the total stolen amount stands at $1.5 billion.
The situation with the attack on Bybit shows the complexity of modern threats in the cryptocurrency space and the necessity for coordinated industry efforts to enhance user security.
