Bybit Hackers Accelerate $335M Laundering Spree: Can Trust Be Restored?

Bybit Hackers Accelerate $335M Laundering Spree: Can Trust Be Restored?

Key Takeaways:

  • Hackers exploiting Bybit have laundered more than $335 million in stolen ETH.
  • Blockchain data links it to North Korea’s Lazarus Group.
  • Bybit’s response is closely observed as a key test of trust in CEXs.

Meanwhile, the crypto world holds its breath as the ripples of the colossal Bybit hack play out. If you follow the news, you would be aware of the initial exploit, which is considered one of the largest of its kind in the history of crypto, and the hackers have been aggressively laundering the stolen funds since then, leading to concerns about market stability and the overall security of centralized exchanges (CEXs). The speed and scale of the operation are alarming and are leading to increased scrutiny and concern over preventative measures.

The $335 Million Laundering Spree

On-chain data shows that in the past 24 hours alone, the perpetrators managed to move an unbelievable amount of 45,900 ETH worth around $113 million. This marks the 135,000 ETH laundered in total, worth over $335 million at the time of writing, according to pseudonymous blockchain analyst EmberCN. “At the current rate,” EmberCN said, “it will only take another 8 to 10 days to clean it all up.” This fast transfer of money also increases the incentive for law enforcement and security companies to track and potentially recover the money.

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