Bybit Hacker Halts ETH Withdrawals as $32.2 Million Laundered in 24 Hours

On March 1st, COINOTAG News reported that on-chain analyst Wu Jinyan has identified a notable change in the activity of the Bybit hacker. As of yesterday at 3 p.m., the malicious actor has ceased all ETH withdrawals and laundering operations. In a surprising turn, the hacker has only managed to launder a total of 14,300 ETH, equivalent to around $32.2 million, over the last 24 hours. This tactic indicates a strategic pause, highlighting the complexity of navigating illicit transactions within the crypto ecosystem. Currently, a significant amount remains in the hacker’s wallet, with 218,000 ETH valued at approximately $486 million still at risk of further laundering efforts. This situation underscores the persistent challenges facing the crypto security landscape as analysts and law enforcement agencies grapple with the implications of such events.