The Bybit exploiter managed to launder over 50% of the stolen funds within a week since it hacked the exchange, despite onchain analysts exposing their identity.
Centralized crypto exchange Bybit was hacked for over $1.4 billion worth of crypto on Feb. 21, marking the largest hack in crypto history
The Bybit exploiter has already laundered over $605 million worth of Ether (ETH), or more than 54% of the total stolen funds, according to Lookonchain. The crypto intelligence platform wrote in a Feb. 28 X post:
“So far, the #Bybit hacker has laundered 270K $ETH($605M, 54% of the stolen funds) and still holds 229,395 $ETH($514M).”
Source: Lookonchain
North Korea’s Lazarus Group was identified as the main culprit behind the Bybit exploit, according to multiple blockchain analytics firms, including Arkham Intelligence.
The exploiters have used the crosschain asset swap protocol THORChain to move the funds. THORChain’s swap volume rose…
