The hack on the Bybit platform has shaken the crypto community. The hacker laundered over 50% of the stolen funds using THORChain.
Laundering Funds on THORChain
Analytics firm Spot On Chain reports that the hacker laundered 266,309 Ethereum, approximately $614 million, over the past five days, using THORChain to swap ETH for Bitcoin. If this pace continues, the remaining 233,086 ETH may be fully laundered in another five days.
Impact on THORChain Activity
Fraudulent transactions have caused a sharp increase in network activity on THORChain. Daily transaction volumes skyrocketed from $80 million to $580 million, with a total volume of $2.91 billion in five days. February 26 saw a record-breaking $859.61 million in swaps.
Investigation and Bybit Security
The FBI officially linked the incident to North Korean hackers involved in a series of cyberattacks. However, investigations by Sygnia Labs and Verichain confirmed that Bybit's security infrastructure remained intact. The vulnerability was linked to malicious code injected via a Safe Wallet developer machine.
Bybit has taken steps to monitor the movement of stolen funds and continues to work with exchanges to recover the assets.
