The attacker behind the massive Bybit exploit has already laundered 18% of the stolen funds in just 60 hours.<\/p>\n
They are reportedly using THORChain for cross-chain swaps, moving at breakneck speeds to convert ETH into other crypto assets.<\/p>\n
In a social media post<\/a> published on February 25, blockchain analysis firm EmberCN revealed that in the past two and a half days, the hacker successfully laundered 89,500 ETH, valued at about $224 million. This represents approximately 18% of the nearly 500,000 ETH stolen from Bybit in the incident<\/a> that happened on February 21.<\/p>\n On-chain data also shows the criminal made most of these transactions through THORChain, a decentralized cross-chain exchange known for its anonymity. Previously, blockchain investigator ZachXBT had claimed at least $35 million had been laundered via eXch, an accusation vehemently denied<\/a> by the non-KYC exchange.<\/p>\n According to Arkham Intelligence, the perpetrator is making transfers relentlessly, executing two to three per minute. The crypto analytics platform also noted<\/a> that the attacker takes a scheduled 15-minute break every 45 minutes, which could suggest they are manually laundering the stolen funds.<\/p>\n Given their pace, observers predict the bad actor could convert the remaining coins into other cryptocurrencies, such as BTC and DAI, within the next fortnight.<\/p>\n Elsewhere, the FBI has placed North Korean citizen Park Jin Hyok on a wanted notice on allegations of being associated with the Lazarus Group, a cybercrime outfit linked to the Pyongyang administration. Various security experts have attributed<\/a> the record-shattering Bybit exploit to the group.<\/p>\n Hyok is said to have been involved in various past attacks on crypto platforms, including the $625 million Ronin Bridge<\/a> heist in 2022 and the $100 million attack on Harmony Bridge<\/a> in the same year.<\/p>\n Meanwhile, Bybit CEO Ben Zhou has stated<\/a> that the exchange is working on a solution to track and recover the stolen funds. It has released an API to enable the blacklisting of suspicious wallets linked to the attack.<\/p>\n Further, law enforcement authorities, cybersecurity companies, and industry experts are reportedly collaborating to track the hacker\u2019s movements and prevent further illicit conversions of the stolen money.<\/p>\n The platform has also engaged blockchain forensic firm zeroShadow to help trace the assets in real-time and freeze them where possible.<\/p>\n The post Bybit Hack: Thief Washes 18% of $1.4B Haul in 60 Hours<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The attacker behind the massive Bybit exploit has already laundered 18% of the stolen funds in just 60 hours. They are reportedly using THORChain for cross-chain swaps, moving at breakneck speeds to convert ETH into other crypto assets. $224 Million Laundered In a social media post published on February 25, blockchain analysis firm EmberCN revealed […]<\/p>\n","protected":false},"author":0,"featured_media":47665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-47664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/47664"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47664"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/47664\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/47665"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bybit Ramping Up Recovery Process<\/h2>\n