Bybit Hacker Laundering Escalates: 50% of Stolen ETH Converted to BTC in Just Days

According to recent data from Spot on Chain, the Bybit hacker has now successfully laundered 50% of the stolen Ethereum (ETH). Over the past five and a half days, this individual illicitly transferred a total of 266,309 ETH, valued at approximately $6.14 billion. This figure represents 53.3% of the total 499,000 ETH that was allegedly stolen, averaging a remarkable 48,420 ETH per day. A significant portion of these funds was converted to Bitcoin (BTC) using the decentralized exchange THORChain, demonstrating the hacker’s tactical approach to obscuring the original transactions. If this laundering trend continues, the remaining 233,086 ETH could potentially be cleansed within the next five days, raising ongoing concerns regarding the security measures in the crypto arena. Stakeholders must remain vigilant as the implications of these activities resonate throughout the digital asset landscape.