Hacker Launders 96,500 ETH in 24 Hours; Bybit Hack Nears Completion

According to on-chain data, the 499,000 ETH stolen from Bybit in a recent hack may be fully laundered within the next two days. As of now, only 60,000 ETH, valued at approximately $148 million, remains in the current address awaiting laundering. In the past 24 hours, the hacker has successfully laundered 96,500 ETH.

The rapid laundering of the stolen ETH has raised concerns about the security of cryptocurrency exchanges and the effectiveness of anti-money laundering measures in the crypto industry. As the hacker continues to move the stolen funds through various addresses and platforms, it is becoming increasingly difficult to trace and recover the stolen ETH.

The Bybit hack is just one of many recent high-profile hacks targeting cryptocurrency exchanges. In February, the crypto exchange KuCoin was hacked for $280 million in various cryptocurrencies. In January, the crypto exchange Bitmart was hacked for $196 million in ETH and other cryptocurrencies.

The increasing frequency and scale of these hacks have led to calls for stricter regulations and improved security measures in the crypto industry. Some experts have suggested that the decentralized nature of cryptocurrencies makes them particularly vulnerable to hacking and money laundering.

However, others argue that the benefits of decentralized cryptocurrencies, such as increased financial privacy and independence, outweigh the risks. They suggest that the focus should be on improving security measures and educating users about the risks of storing and trading cryptocurrencies.

In the meantime, the crypto community continues to monitor the situation closely, as the Bybit hacker continues to launder the stolen ETH. As the hacker moves closer to fully laundering the stolen funds, the chances of recovering the stolen ETH become increasingly slim.