Hacker Launders $224M in ETH in Two Days; Bybit Offers $1M Bounty

The hacker behind the Bybit exchange breach has successfully laundered 89,500 ETH, valued at approximately $224 million, in just two and a half days. This represents 18% of the total 499,000 ETH stolen during the incident. At the current rate, the hacker is expected to complete the money laundering process by exchanging the remaining 410,000 ETH for other assets, such as BTC or DAI, within the next two weeks.

The hacker has primarily been using THORChain for cross-chain asset exchange during the laundering process. This decentralized exchange allows the hacker to swap stolen ETH for other cryptocurrencies, making it more difficult for law enforcement and security researchers to track the stolen funds.

The Bybit hack, which occurred on March 20, resulted in the theft of approximately $43 million worth of ETH from the exchange's hot wallet. The hacker exploited a vulnerability in the exchange's smart contract to drain the funds. In response to the incident, Bybit has offered a $1 million bounty for information leading to the arrest of the hacker and the recovery of the stolen funds.

The Bybit hack is just one of many high-profile cryptocurrency exchange hacks that have occurred in recent years. As the value of cryptocurrencies continues to grow, so too does the incentive for hackers to target these exchanges. In order to mitigate the risk of future hacks, exchanges must prioritize the security of their platforms and implement robust security measures to protect user funds.