Crypto Heist: Hacker Swaps $106M in ETH, Launders $1.4B

The hacker behind the Bybit incident has successfully conducted a cross-chain swap of 37,900 ETH, with 461,491 ETH remaining in their address. This swap, valued at approximately 106 million USD, was executed using multiple addresses to exploit various cross-chain exchange platforms, including Chainflip, THORChain, LiFi, DLN, and eXch. The hacker began laundering the funds around 30 hours ago, with a total of 499,395 ETH (1.4 billion USD) stolen from Bybit.

The remaining balance in the hacker's address is currently 461,491 ETH, valued at around 1.29 billion USD. The Bybit hack has been ongoing for several days, with the exchange expressing its gratitude to the crypto community for their efforts in addressing the security threats. Despite the ongoing investigation, the hack remains unresolved due to the difficulty in rolling back the transactions.

The Bybit hack has sparked controversy, particularly in the Chinese crypto community, as FTX's compensation plan temporarily excludes Chinese users. The crypto world continues to grapple with security challenges, with the Bybit hack serving as a stark reminder of the vulnerabilities that exist within the industry. As the crypto landscape evolves, so too must the security measures in place to protect users and their assets.