The hacker responsible for the Bybit breach have effectively laundered all 499,000 Ethereum that were taken, totaling $1.39 billion.
Through a number of methods, the laundered money was transferred, with THORChain serving as a key processing platform.
Surprisingly, during the laundering process, a staggering $5.9 billion in transactions were processed by the decentralized liquidity protocol THORChain, which has been used to facilitate the hack.
THORChain Sees Surge in Handling Fee
ThorChain has received $5.5 million in handling fees in exchange for facilitating the Ethereum transfers.
Since, DeFi systems give thieves ways to hide their actions, this instance emphasizes the expanding hazards linked with them. The anonymity of decentralized networks makes it very easy for criminal actors to transfer substantial amounts of stolen money, even though blockchain technology is transparent.
Stricter security procedures and anti-money laundering measures are required inside the DeFi ecosystem, as the laundered monies make it difficult for regulators and exchanges to monitor and reclaim stolen assets.
Also Read: Bybit Secures In-Principle Approval to Launch Virtual Asset Platform in UAE Despite Recent Hack
ByBit Hacker’s Previous Ethereum Transactions
Previously, the hackers responsible for the huge Bybit theft had begun transferring the money they had stolen. At least 209,384 ETH, or over $480 million, was exchanged for Bitcoin till February 28th, as reported by UnoCrypto earlier.
When other drained tokens are excluded, this amounts sums up to be more than half of the 400,000 ETH that was taken from the exchange.
ByBit Exchange Hack: What Had Happened?
Almost 499K Ethereum (ETH) worth $1.4 billion were lost as a result of the Bybit exchange’s security breach.
Hackers exploited a weakness in the platform’s systems to get unauthorized access to certain accounts. Bybit quickly took action to prevent further damage by freezing the affected accounts and initiating an investigation.
Customers were informed by the exchange that no other significant amounts were jeopardized despite the intrusion and that the general security of customer assets remained a high priority.
The Ethereum loss serves as a reminder of the increasing cybersecurity concerns in the cryptocurrency industry, even though Bybit’s quick response and transparency in handling the matter mitigated the harm.
The infamous Lazarus Group from North Korea has been implicated in the Bybit attack. The organization was responsible for the billion-dollar exploit, according to a report released last week by Arkham Intelligence, which cited internet investigator ZachXBT.
This was later verified by the FBI in the United States, which identified the attackers as belonging to North Korea’s “TraderTraitor” network.
Also Read: THORChain Surpasses $1 Billion In Swap Volume In 48 Hours Amid $1.4 Billion Bybit Exploit