- Bybit hacker laundered around 20% of Ethereum stolen from the recent theft.
- Hackers hold more Ethereum than Vitalik Buterin and Ethereum Foundation.
Another update regarding the Bybit hack is making rounds across the media. The hacker who stole $1.5 billion worth of Ethereum from Bybit has already made 20% of it disappear. Hackers are using advanced tactics to perform social engineering hacks and money laundering. Thus, crypto firms and exchange platforms must act proactive in ensuring the privacy and security of users and their funds.
As per the latest update from on-chain analyst Spot On Chain, Bybit hackers washed 20% of the stolen ETH. Around 100,000 ETH worth nearly $250 million has been laundered by the hackers within these 4 days. As per its findings, hackers are quickly splitting the stolen funds into smaller amounts and transferring them to multiple blockchain addresses.
Another intriguing fact is the Bybit hacker/hackers are using THORChain to perform cross-chain swaps to convert ETH into BTC, DAI, and other crypto assets. Spot On Chain confirmed that 399K ETH is still in possession of the Bybit hacker. Thus, the Bybit hacker holds more ETH than Ethereum co-founder Vitalik Buterin and the Ethereum Foundation.
Bybit Declared a War on Lazarus Group
Bybit CEO enhanced the bounty program announcement yesterday. He unveiled one of the first bounty sites that shows complete transparency on the Lazarus money laundering activities. The site allows the audience to connect their wallet and become a bounty hunter.
In case an individual successfully freezes the stolen funds, they will get 5% of the bounty, exchange, mixers, and all. Despite operating at 100% efficiency by closing the ETH deficit, Bybit didn’t stop hunting for the hackers. The site even comes up with the next upgrade called V2, which includes live updates on latest wallets and balances.
Nonetheless, the quick laundering of funds proves how proactive and advanced these hackers are. A recent Chainalysis report suggests that North Korean hackers who are responsible for major crypto hacks are behind the Bybit hack.
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