Bybit Hacker Launders 89,500 ETH, Threatening $224 Million in Stolen Assets: A Deep Dive into THORChain’s Role

According to PeckShield monitoring data from February 25th, the infamous Bybit hacker has successfully laundered approximately 89,500 ETH, equivalent to nearly $224 million, within a brief span of just two and a half days. This amount represents around 18% of the total ETH stolen, which is a staggering 499,000 ETH. If the current laundering velocity persists, the hacker is poised to exchange the remaining 410,000 ETH for various assets, including BTC and DAI, within the next two weeks. The hacker’s cross-chain asset conversions are primarily facilitated through THORChain, highlighting the ongoing challenges in tracing illicit cryptocurrency activities and the importance of reinforced security measures within the crypto ecosystem.