Following the largest cryptocurrency heist in history, the hacker responsible for breaching Bybit’s cold wallet has successfully laundered 100,000 ETH—valued at approximately $250 million—within just four days.
According to blockchain analytics firm Spot On Chain, which shared its findings on February 25 via social media platform X, the attacker has systematically moved stolen funds through multiple addresses, multiplying the stolen 499,000 ETH into smaller transactions to obscure the trail.
The hacker has primarily leveraged THORChain (RUNE) to execute cross-chain swaps, converting Ethereum into Bitcoin (BTC), Dai (DAI), and other assets. Despite the substantial laundering efforts, the attacker still holds 399,000 ETH, surpassing the Ethereum holdings of the Ethereum Foundation and co-founder Vitalik Buterin.
In a significant show of resilience, Bybit has already taken steps to mitigate the financial impact of the attack. One of these measures included securing a 40,000 ETH loan from fellow exchange Bitget. On February 25, Bitget’s CEO, Gracy Chen, confirmed that Bybit had fully repaid the loan, which was extended without interest or collateral as an industry-wide gesture of support. “Great to see Bybit fully recovered, and we never doubted the return of the loan. This incident showcased the strength and solidarity of our industry. Together, we move forward with even greater resilience!” She stated
Following the breach, Bybit swiftly reassured its users and the broader crypto community. CEO Ben Zhou announced that the exchange had fully covered all losses stemming from the attack, with compensation measures already in place. A proof-of-reserves audit, released on February 24, reinforced Bybit’s financial stability and ability to withstand the impact of the exploit.
To stabilize its reserves, Bybit has actively repurchased Ethereum, secured additional loans from bridge partners, and received significant whale deposits. Analysts at Bitfinex suggest that Bybit’s intense buying activity could help counteract selling pressure and potentially support ETH prices in the wake of the hack.
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