Four days following the largest cryptocurrency heist, the Bybit hacker has laundered a significant portion of the stolen assets. Utilizing various techniques, the funds were divided and converted into other assets.
Details of the Heist and Laundering
According to Spot On Chain, the hacker who stole 499,000 Ethereum from Bybit's cold wallet has been splitting the funds into smaller chunks and transferring them between addresses. The hacker has used THORChain to make cross-chain swaps into Bitcoin, Dai, and other assets.
Bybit's Response and Bitget's Support
Bybit has repaid the 40,000 ETH loaned by Bitget, confirmed in a statement by Bitget's CEO. The loan was given without interest or collateral, showing industry support. The CEO commended this as a sign of the resilience of the crypto market.
Impact on Ethereum Market
Despite Bybit's efforts to stabilize its holdings, Ethereum remains in a correction phase. Analysts say Bybit's actions might help offset selling pressure and support ETH prices.
The Bybit incident highlights both vulnerabilities and the resilience of the cryptocurrency market. Despite the theft, key players show an ability to recover and maintain market positions.
