"Hacker Launders $605M in Stolen ETH via THORChain; Crypto Market Turmoil Ensues"

The hacker behind the Bybit theft has begun laundering a significant portion of the stolen funds through THORChain, according to data from Lookonchain. The hacker has laundered approximately 270,000 ETH, valued at around $605 million, which represents over half of the approximately 400,000 ETH stolen from the exchange. The hacker still holds around 229,395 ETH, valued at approximately $514 million at the time of the report.

The laundering activity has had a significant impact on the crypto market, affecting the trading of ETH and THORChain’s native token, RUNE. According to blockchain analytics firm Arkham Intelligence, the stolen cryptocurrencies have mainly been swapped for native BTC and sent through THORChain by Lazarus-tagged wallets on Arkham.

Last Friday, Bybit’s Ethereum cold wallet was compromised, resulting in the loss of approximately $1.5 billion in assets. The hack triggered panic within the crypto community, causing the price of ETH to slump over 4%.

In response to the hack, a key THORChain developer, known as “Pluto,” announced his departure from the project following the reversal of a vote to block transactions linked to North Korean hackers. Another validator has also threatened to step away, deepening internal tensions over the controversial decision.

The laundering activity has also impacted the prices of ETH and RUNE. According to CoinGecko data, ETH was trading at $2,123 at press time, a 9.8% decline in the last 24 hours. At the same time, RUNE has been traded at a peak price above $1.60 since the hack and was seen trading at $1.33 at the time of writing. The total trading volume for ETH on February 28 reached $28 billion, reflecting heightened market activity. RUNE also saw a spike in trading volume to $1.2 billion, an increase from its previous day’s $800 million.

The fallout from the Bybit hack continues to unfold, with industry experts highlighting the need for improved security measures and self-custody solutions. Dom Harz, co-founder of BOB – “Build on Bitcoin,” noted that the hack serves as a stark reminder of the industry’s