Hacker Launders $113M in Ethereum Within 24 Hours
The hacker responsible for the Bybit cyberattack has reportedly laundered 45,900 Ethereum (ETH)—worth approximately $113 million—in just the past 24 hours.
According to data from EmberCN on X (formerly Twitter), a total of 135,000 ETH ($335 million) has been laundered so far, representing nearly one-third of the stolen funds.
“At present, the Bybit hacker’s wallet still holds 363,900 ETH, valued at around $900 million,” EmberCN reported.
“If laundering continues at the current rate, all the stolen Ethereum could be moved within the next 8-10 days.”
DeFiLlama and ZachXBT Provide Insights on the Attack
Prior to the hack, Bybit held assets worth $17 billion, as reported by DeFiLlama. The attack, which occurred over the weekend, has drawn the attention of blockchain analysts, including ZachXBT, who has uncovered links suggesting the involvement of Lazarus Group, a notorious hacking syndicate.
This event has raised significant concerns within the crypto community and has had a direct impact on digital asset prices and market trading pairs.
Ethereum Price Drops After the Attack
Following the breach, Ethereum’s price dropped sharply. On February 26, ETH fell by 3.25%, declining from $2,460 in the early morning to $2,380 within just one hour after news of the hack broke.
However, ETH has since rebounded to $2,435, according to CoinMarketCap.
At the same time, market trading volume surged. The ETH/USDT pair on Binance recorded 1.2 million ETH in 24-hour trading volume, significantly up from 800,000 ETH the day before.
This sudden spike in trading activity suggests that panic selling or forced liquidations may have played a role in the market movement.
Chainflip Upgrades System to Block Bybit Hacker’s Money Laundering Efforts
Meanwhile, Chainflip, a cross-chain decentralized exchange (DEX), has announced an upgrade to its protocol aimed at preventing the hacker from using its platform to launder the stolen funds.
According to Chainflip Labs, the upgrade is designed to protect liquidity providers (LPs) and general users, while also addressing risks associated with illicit funds flowing through the system.
The new protocol version 1.7.10 includes an advanced filtering system, enabling broker operators such as SwapKit and Rango DEX aggregator to block deposits of suspicious ETH and ERC-20 tokens.
“All participants in the Chainflip ecosystem have voluntarily agreed to enforce this measure,” Chainflip stated.
“This will strengthen liquidity and improve price competitiveness in the long run.”
As the Bybit case unfolds, the crypto industry is on high alert, with exchanges and DeFi platforms implementing stricter security measures to prevent further illicit activities. The coming days will be crucial in determining how much of the stolen Ethereum can still be recovered—or if the hackers will successfully launder all remaining funds.