In a shocking turn of events, the hacker responsible for the Bybit attack has already laundered over half of the stolen Ethereum, amounting to a notable $614 million, within a week. This rapid progression of events has alarmed various security agencies and stakeholders in the crypto world.
Over the past six days, the hacker has managed to wash an estimated 266,309 Ethereum (ETH), which is equivalent to approximately $614 million. This figure represents 53.3% of the total Ethereum amounting to 499,000 ETH that was stolen from Bybit in the infamous hack. The total stolen funds amounted to a staggering $1.5 billion, which were pilfered by compromising the exchange’s ether cold wallet on February 21, 2025.
The data provided by Spot On Chain, a blockchain analytics firm, shows that the hacker is washing an average of 48,420 Ethereum per day using ThorChain, a decentralized liquidity protocol. If the hacker sustains this pace, the remaining 229,469 ETH is expected to be washed in just five more days.
The Federal Bureau of Investigation (FBI) has branded this incident as “TraderTraitor.” They recently issued a statement detailing the swift actions of the threat actors who have “converted some of the stolen assets to Bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains.” The FBI further anticipates that these assets will be further laundered and eventually converted into fiat currency.
In a significant development, the FBI has attributed the hacking incident to a group based in North Korea. No comments or responses have been made by the North Korean media regarding these allegations. Similarly, Pyongyang’s mission to the United Nations in Geneva has not responded to comment requests from The Associated Press.
This Bybit hack has once again raised questions about the security measures in place for cryptocurrency exchanges and the ease with which hackers are able to infiltrate these systems. As the investigation continues, the crypto world remains on high alert, with stakeholders eagerly awaiting any new developments. This incident serves as a stark reminder of the inherent risks in the field of cryptocurrency and the importance of sophisticated security systems to mitigate such threats.
