Hacker Launders Half of Stolen ETH in Bybit Hack

The Bybit hacker has successfully laundered 50% of the stolen ETH, primarily through conversion via THORChain to BTC.

According to recent monitoring by Spot on Chain, the hacker has managed to launder a significant portion of the stolen ETH, totaling 266,309 ETH, which is approximately $6.14 billion. This accounts for 53.3% of the total 499,000 ETH stolen in the Bybit hack. The hacker has been averaging around 48,420 ETH laundered per day, with most of the transactions involving the conversion of ETH to BTC through THORChain.

At the current rate, the remaining 233,086 ETH may be fully laundered in just 5 days. This raises serious concerns about the security of cryptocurrency exchanges and the need for stricter regulations to prevent such incidents in the future.

The Bybit hack, which occurred earlier this month, resulted in the theft of nearly half a million ETH, valued at over $12 billion at the time. The hacker exploited a vulnerability in the exchange's hot wallet, allowing them to drain funds from multiple user accounts. Since then, Bybit has been working with law enforcement and cybersecurity experts to track down the hacker and recover the stolen funds.

The use of THORChain for converting ETH to BTC is a common tactic employed by hackers to launder stolen cryptocurrencies. THORChain is a decentralized exchange that allows users to swap different cryptocurrencies without the need for intermediaries. However, its decentralized nature also makes it an attractive target for hackers looking to launder their ill-gotten gains.

The Bybit hack is just one of many high-profile cryptocurrency hacks that have occurred in recent years. As the value of cryptocurrencies continues to grow, so too does the incentive for hackers to target exchanges and other vulnerable points in the ecosystem. This underscores the need for greater security measures and stricter regulations to protect users and their assets.