Bybit Hacker Launders $250 Million in Ethereum Using THORChain
The Bybit hack has resulted in the laundering of 100,000 ETH (approximately $250 million) by the Lazarus Group. Key details include:
- The hacker is dispersing funds into smaller amounts across multiple wallets.
- THORChain is being used to convert ETH into Bitcoin and other assets to obscure traces.
- The attacker still controls 399,000 ETH, exceeding holdings by Vitalik Buterin and the Ethereum Foundation.
- Bybit reports financial stability with sufficient assets to cover losses, as confirmed by a proof-of-reserves audit.
- Withdrawals have resumed, and all redemptions are fulfilled.
- Bybit repaid a 40,000 ETH loan from Bitget to support its operations post-hack.
- Market reaction saw Ethereum's price drop by 3% but recover slightly, currently trading at $2,489, reflecting a 9% decline over 24 hours.
Concerns about the hacker's remaining funds continue to affect market sentiment.