Bybit has officially returned 40,000 ETH to Bitget, according to on-chain data from Arkham Intelligence. This loan was initially provided right after Bybit faced a major hacking incident.
Hackers Launder $224 Million in ETH
The situation is far from over. Hackers have already laundered 89,500 ETH, worth approximately $224 million, over the past 2.5 days. This accounts for 18% of the total 499,000 ETH stolen, as reported by the crypto analytics account EmberCN.
What about the remaining 410,000 ETH? Hackers are reportedly working to convert it into other assets like Bitcoin (BTC) and DAI. This conversion process is expected to take about two weeks, with THORChain, a popular cross-chain protocol, being the primary tool for swapping.
Chainflip Steps Up Security Measures
Meanwhile, the team at Chainflip has announced plans to prevent the unauthorized use of the stolen funds. They’re already working on an updated version of their protocol, with most of the code completed and currently undergoing testing. The new software is expected to go live within the next 24 to 72 hours.
Bybit Restores ETH Reserves; Lazarus Group Suspected
On February 24, Bybit confirmed that its Ethereum reserves were fully replenished, effectively covering all losses from the hack.
Interestingly, experts at Arkham Intelligence have linked the attack to the notorious Lazarus Group, a North Korean-backed hacking organization known for targeting crypto platforms.
Bottom line? While Bybit has bounced back and repaid its debt, the hackers are still actively trying to move and convert the stolen funds. The crypto community is watching closely to see if security updates and on-chain tracking can outpace the thieves.