YEREVAN (CoinChapter.com) — The Bybit hacker has laundered $335 million in stolen funds, with investigators tracking movements in real-time. The Bybit exploit on Feb. 21 resulted in the loss of $1.4 billion worth of liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and other digital assets.
Despite ongoing investigations, the crypto hacker continues transferring assets. Security firms monitor the activity, as transactions suggest efforts to hide and redistribute the stolen funds.
135,000 ETH Moved by Bybit Hacker as Stolen Funds Circulate
Blockchain data confirms that in the past 24 hours, the Bybit hacker transferred 45,900 ETH, worth around $113 million. This increases the total laundered amount to 135,000 ETH, valued at $335 million.
The Bybit security breach left the hacker with 363,900 ETH, estimated at $900 million, according to pseudonymous blockchain analyst EmberCN. Based on recent transfer patterns, the remaining funds could be laundered within 8 to 10 days.
“There are still 363,900 ETH ($900 million) in the Bybit hacker address. At the current rate, it will only take another 8 to 10 days to clean it up,”
EmberCN stated.
Bybit Hacker Moves $335M in Stolen ETH as Laundering Accelerates. Source: EmberCNNorth Korean Lazarus Group Linked to Bybit Exploit
Blockchain security firms, including Arkham Intelligence, have linked the Bybit hack to North Korea’s Lazarus Group. The group has been responsible for multiple high-profile cryptocurrency thefts, often using decentralized exchanges and mixing services to obscure transactions.
Following the attack, Bybit co-founder and CEO Ben Zhou responded on February 25, stating that the exchange was taking action against the Bybit hacker.
Over 11,000 Wallet Addresses Flagged in Investigation
Blockchain analytics firm Elliptic has identified 11,084 wallet addresses connected to the Bybit stolen assets. This number is expected to rise as investigators track additional movements of the funds.
Bybit CEO Thanks Elliptic for Real-Time Tracking of Stolen Funds from Bybit Exploit. Source: Ben Zhou / EllipticThe Bybit hacker has been breaking down large amounts into smaller transactions, transferring them across multiple wallets, and using privacy-focused tools. This method complicates the tracking process but leaves a trail for investigators.
Bybit Replaces Stolen Assets, Continues Withdrawals
Despite the scale of the Bybit exploit, the exchange replaced the $1.4 billion in Ether by Feb. 24, just three days after the attack. Bybit withdrawals continued without disruption, and customers were able to access their funds.
Industry figures noted that Bybit withdrawals remaining unaffected shows the exchange’s ability to absorb losses. Dan Hughes, founder of Radix, commented on the situation:
“Primarily, it matters most if Bybit can indeed absorb that loss as claimed. So far, withdrawals have been honored, and all seems good.”
Bybit Restores ETH Reserves and Resumes Withdrawals After $1.4 Billion Exploit. Source: Bybit Official on XBybit Hack Among Largest Crypto Thefts in 2024
The Bybit attack accounts for over half of the $2.3 billion stolen in crypto-related hacks this year. The ongoing Bybit security breach investigation continues as blockchain analysts track transactions linked to the Bybit hacker.
Bybit Hack Tops List of Largest Crypto Heists in History with $1.46 Billion Stolen. Source: EllipticAbove all, authorities and security firms remain focused on identifying laundering methods and preventing further transfers. The Bybit exploit highlights the risks faced by centralized exchanges, with investigators monitoring flagged addresses for further developments.
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