EmberCN, a cryptocurrency analyst, said that since the hackers responsible for the Bybit security breach resumed money laundering on March 2, they have laundered 62,200 ETH, equivalent to $138 million. The statement was made on X on March 2.
"Since the hacker resumed money laundering at 3 pm yesterday, the hacker has laundered 62,200 ETH ($138 million," said . "Now, of the 499,000 ETH stolen from Bybit, only 156,000 ($346 million) have been laundered. In another three days, all of them should be cleared out."
On February 21, Bybit, a Dubai-based cryptocurrency exchange, experienced a significant security breach resulting in the theft of approximately 499,000 ETH, valued at around $1.5 billion. According to Business Insider, this incident is considered the largest cryptocurrency theft to date, surpassing previous records. The hackers exploited vulnerabilities during a routine transfer from a cold wallet to a warm wallet and manipulated the transaction to divert funds to their own addresses.
Business Insider also reports that the Federal Bureau of Investigation (FBI) attributed the Bybit hack to the North Korean state-sponsored hacking group known as the Lazarus Group or TraderTraitor. The FBI said that the group rapidly converted portions of the stolen assets into Bitcoin and other virtual currencies, dispersing them across thousands of addresses on multiple blockchains. This tactic complicates efforts to trace and recover the stolen funds.
EmberCN is a pseudonymous cryptocurrency analyst known for monitoring blockchain transactions and providing insights into major crypto-related incidents. The analyst has gained recognition within the crypto community for tracking illicit activities and offering timely updates on fund movements associated with hacks and exploits.
According to their website, Bybit was established in 2018 as a cryptocurrency exchange based in Dubai, United Arab Emirates. Recognized as one of the world's largest crypto exchanges, Bybit offers a range of trading services to a global clientele. The platform has experienced rapid growth, positioning itself as a significant player in the cryptocurrency industry.