Bybit Hacked: $1.5 Billion in ETH Assets Shift to Bitcoin Amid Coin Mixing Operations

In a significant development for the crypto landscape, a recent security breach has rocked the market. According to a report from COINOTAG dated March 4th, SlowMist Cosmos announced via the X platform that Bybit, a leading cryptocurrency exchange, has suffered a devastating hack, resulting in the loss of nearly $1.5 billion worth of Ethereum (ETH) assets. While a portion of these assets has reportedly been recovered, the majority has migrated from the Ethereum network. Much of the stolen funds appear to have transitioned into the Bitcoin network, where they are being subjected to complex coin mixing processes. This incident has not only raised concerns regarding cybersecurity in the cryptocurrency sector but has also yielded substantial profits for operators within the THORChain ecosystem, highlighting the increasing intricacies of digital asset management.