Hacker Launders $685M in Bybit Hack, Leaving 292K ETH Unmoved

The hacker behind the Bybit exchange incident has continued to launder funds, with 71,000 ETH (approximately $170 million) moved in the past 24 hours. This brings the total amount laundered to 206,000 ETH (around $480 million) since the hack occurred on February 22nd. On-chain analyst Wu Jinyu has been monitoring the situation and reports that the hacker still has 292,000 ETH (around $685 million) remaining in their address.

Bybit, a popular cryptocurrency exchange, was hacked on February 22nd, resulting in the loss of approximately 4,000 BTC and 61,000 ETH. The hacker exploited a vulnerability in the exchange's smart contract, allowing them to drain funds from users' accounts. Since then, the hacker has been actively laundering the stolen funds through various cryptocurrency mixing services and decentralized exchanges to obfuscate their trail.

The Bybit hack is one of the largest cryptocurrency exchange hacks in recent history, highlighting the importance of security measures in the cryptocurrency industry. As the hacker continues to launder funds, law enforcement agencies and cybersecurity experts are working together to track down the perpetrator and recover the stolen assets. The cryptocurrency community is also rallying to support the affected users and help them regain their lost funds.

The incident has raised concerns about the security of decentralized finance (DeFi) platforms and the need for stricter regulations in the cryptocurrency industry. As the hacker continues to launder funds, it is crucial for law enforcement agencies and cybersecurity experts to work together to prevent similar incidents from happening in the future. The cryptocurrency community is also calling for greater transparency and accountability from exchanges and other cryptocurrency service providers to ensure the safety of users' funds.