**Bybit Hackers Could Launder Stolen Ethereum in Just Two Weeks, Analyst Suggests**
In a shocking turn of events, hackers made headlines on Friday, February 21, by stealing a staggering $1.5 billion in Ethereum from the prominent crypto exchange Bybit, marking what many are calling the largest digital heist in history. As the crypto community grapples with the aftermath, it appears the culprits are already hard at work moving the stolen funds.
**Bybit Hackers on the Move**
According to well-known on-chain analyst Yujin, affectionately known as “EmberCN,” the Bybit hackers could potentially finish laundering the stolen funds in just “half a month” or two weeks. This assessment is based on the rapid pace at which the hackers have been transferring the stolen assets. In a post on X (formerly Twitter) on Tuesday, February 25, EmberCN revealed that the hackers had already moved 89,500 ETH, valued at approximately $224 million, which accounts for about 18% of the total 499,000 ETH taken in the heist over the past two and a half days. The analyst noted, “If the frequency continues, the hacker will be able to exchange the remaining 410,000 ETH for other assets (BTC/DAI, etc.) in half a month.” Additionally, EmberCN pointed out that most of the asset swaps have been conducted on the troubled DeFi Layer-1 chain THORChain.
**What You Need to Know About the Bybit Hack**
For some context, the first signs of trouble came from prominent on-chain investigator ZachXBT, who noticed unusual Ethereum outflows from Bybit on Friday. Shortly after, the exchange’s CEO, Ben Zhou, confirmed the exploit. Zhou explained that the hackers managed to gain access to the exchange’s Ethereum cold wallet by deceiving the wallet signers into approving a malicious transaction disguised as a harmless transfer from the cold wallet to the exchange’s hot wallet.
The exploit has since been linked to North Korean hackers. As of now, Bybit claims to have addressed the vulnerabilities that allowed the theft to occur. Meanwhile, crypto tracking service Lookonchain has indicated that the recent influx of ETH is likely a combination of “loans, whale deposits, and ETH purchases.
