Bybit Hacker Moves $3.64 Million ETH to DAI Using Multiple DEXs

On February 24th, COINOTAG News reported that the Bybit hacker has been actively utilizing various decentralized exchanges (DEXs) to facilitate the conversion of Ethereum (ETH) into DAI, a prominent stablecoin. According to monitoring data from lmk.fun, the unidentified hacker has successfully transferred approximately $3.64 million in ETH to an alternative wallet address. Following this transfer, it appears the hacker has initiated transactions to liquidate the assets into DAI. This incident raises significant concerns regarding the security of cryptocurrency exchanges and the mechanisms that facilitate illicit fund transfers. As the regulatory landscape for cryptocurrencies evolves, incidents like this highlight the pressing need for enhanced security measures and the imperative for traders to remain vigilant when interacting with digital assets.