The Bybit hacker has laundered 100,000 ETH, about $250 million, simply 4 days after executing the biggest cryptocurrency heist.
In response to a Feb. 26 submit on X by blockchain analytics agency Spot On Chain, the hacker who stole 499,000 Ethereum (ETH) from Bybit’s chilly pockets has been splitting the funds into smaller chunks and transferring them between a number of addresses.
Hacker has been using THORChain (RUNE) to make cross-chain swaps into Bitcoin (BTC), Dai (DAI), and different property. The attacker nonetheless holds 399,000 ETH, a determine that surpasses ETH held by each The Ethereum Basis and Vitalik Buterin, one in every of Ethereum’s co-founders.
In one other growth, Bybit has repaid the 40,000 ETH loaned to it by Bitget after the hack. Bitget’s CEO confirmed the compensation on a Feb. 25 X submit, stressing that the mortgage was given out with out curiosity or collateral as an indication of business assist. She complimented Bybit’s swift restoration, noting that it demonstrated the power and resilience of the cryptocurrency market.
As earlier reported by Crypto.information on Feb. 18, Bybit has already totally coated the losses ensuing from the exploit. The CEO of Bybit, Ben Zhou, assured the group that the change has taken steps to rebuild belief and has compensated for all damages originating from the hack, Bybit’s proof-of-reserves audit, which was launched on Feb. 24, demonstrated its capability to resist the affect.
To stabilize its holdings, the change made ETH purchases, secured loans from bridge companions, and obtained sizable whale deposits. Bybit’s energetic shopping for exercise might help offset promoting strain and maybe assist ETH costs, in keeping with Bitfinex analysts.
Ethereum continues to be in a correction section regardless of these efforts. ETH is presently buying and selling at $2,489, down about 9% over the 24 hours. Rising macroeconomic uncertainty and weakening market momentum have each contributed to the pullback.