Bybit Hackers Launder $335M in Crypto Following $1.4B Exploit, $900M Still Unmoved
The hacker responsible for the $1.4 billion Bybit breach has successfully laundered over $335 million in digital assets, while investigators continue tracking the movement of the remaining stolen funds.
Key Developments:
- The attack on Bybit on Feb. 21 marked the largest hack in crypto history, involving liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and other digital assets.
- On-chain data reveals that the hacker moved 45,900 ETH (approximately $113 million) in the last 24 hours, bringing the total laundered amount to 135,000 ETH ($335 million).
- The exploiter still holds around 363,900 ETH ($900 million), with estimates suggesting they could move the remaining funds within 8 to 10 days, according to blockchain analyst EmberCN.
Suspected Ties to North Korea’s Lazarus Group
Blockchain security firms, including Arkham Intelligence, have identified North Korea’s Lazarus Group as the likely perpetrator behind the Bybit hack. Bybit’s co-founder and CEO Ben Zhou responded on Feb. 25, openly declaring “war” on the group.
Meanwhile, Elliptic, a blockchain analytics firm, has flagged 11,084 cryptocurrency wallet addresses linked to the Bybit exploit. This number is expected to increase as investigations progress.
Industry Response and CEX Trust Recovery
Despite the severity of the attack, Bybit’s swift response could help rebuild trust in centralized exchanges (CEXs). Dan Hughes, founder of Radix, highlighted that Bybit’s immediate action likely prevented a widespread market sell-off.
“Assuming the worst is behind us, the way Bybit handled the situation may actually help restore confidence in CEXs,” Hughes stated. He added that Bybit’s ability to absorb the loss and honor customer withdrawals has played a crucial role in mitigating further panic.
Bybit Replaces Stolen Funds and Honors Withdrawals
Bybit fully replaced the $1.4 billion in stolen Ether by Feb. 24, just three days after the attack. This rapid recovery has reassured users, but the hack alone accounts for over half of the $2.3 billion stolen in crypto-related attacks in 2024, posing a major challenge for the industry.
