Bybit Hackers Laundered $335M Worth ETH, One-Third of Total Stolen Funds: Report

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Sujha Sundararajan

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Sujha Sundararajan

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Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

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Bybit ETH hack

The perpetrators behind the massive Bybit hack have laundered 45,900 ETH ($113 million) over the past 24 hours.

Per EmberCN report on X, the latest security breach adds to a total of 135,000 ETH, valued at $335 million. This represents nearly one-third of the total stolen ETH.

“Currently, the Bybit hacker address still holds 363,900 ETH ($900 million),” the post read. “At the current rate, it will take just another 8 to 10 days to launder it all.”

Per DeFiLlama data, Bybit had close to $17 billion in total assets before the hack took place over the weekend. Blockchain sleuth ZachXBT had uncovered definitive proof that the Lazarus Group was behind this exploit.

The recent incident has triggered concern and volatility among the community, specifically affecting the crypto price and trading pairs.

ETH Witness Sharp Decline Shortly

The news of the hack has created a significant impact on the price of the crypto, dropping 3.25% on Wednesday. Ethereum, which was trading at $2,460, during the early hours of Feb. 26, slumped to $2,380 within an hour of the announcement.

The crypto has rebounded and now trading at $2,488 at press time, according to CoinGecko data.

Meanwhile, the trading volumes witnessed a surge, with ETH/USDT increasing to 1.2 million ETH on Binance in a 24-hour volume. the same pair saw a volume of 800,000 ETH the previous day. The spike in trading volume represents a sudden surge in market activity and potential panic selling.

Chainflip Rolls Out Upgrade to Block Bybit Hackers’ Stolen Funds

As reported earlier, Cross-chain decentralized exchange (DEX) Chainflip is implementing a protocol upgrade to prevent the hackers from using its platform to launder stolen assets. In an announcement, Chainflip Labs highlighted the need to protect liquidity providers (LPs) and regular users, stating that illicit fund flows pose significant risks to the protocol.

The upcoming 1.7.10 upgrade introduces enhanced screening tools, allowing broker operators—such as SwapKit and the Rango DEX aggregator—to block suspicious ETH and ERC-20 token deposits. Chainflip emphasized that all participants in its ecosystem have voluntarily agreed to enforce these measures, aiming to strengthen liquidity and improve pricing competitiveness over time.

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