ETH Heist: How Hackers Laundered 499,000 ETH Amid 23% Price Drop

Recent reports from COINOTAG on March 4th highlight a significant breach in the cryptocurrency sector, as monitoring firm PeckShield identified a hacking incident involving Bybit. The assailants successfully laundered a staggering 499,000 ETH, valued at approximately $1.39 billion, over a span of 10 days. This event triggered a notable decline in the Ethereum market, with prices plummeting by 23% from $2,780 to the current rate of $2,130. THORChain emerged as the primary conduit for the illicit financial activities, facilitating an impressive transaction volume of $5.9 billion alongside accrued transaction fees of $5.5 million. This incident underscores the vulnerabilities within the crypto ecosystem and the pressing need for enhanced security measures.