Ethereum: Criminal Behind Bybit Hack Keeps 399,000 ETH
Spot On Chain stated that Bybit cyber-criminal systematically transferred the 499,000 ETH, stolen through numerous addresses, breaking up transactions into smaller ones, according to the blockchain analytics company.
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The hacker mostly used THORChain (RUNE), turning Ethereum into Bitcoin (BTC), Dai (DAI), and other assets.
The attacker still has 399,000 ETH even after an extensive battle against money laundering more than the Ethereum Foundation’s and co-founder Vitalik Buterin’s holdings.
Bybit has already taken action to lessen the attack’s financial impact, a noteworthy demonstration of resilience.
Securing a 40,000 ETH loan from rival exchange Bitget was one of these steps.. The loan was given without interest or collateral as a show of support for the industry, and Bitget CEO Gracy Chen confirmed on February 25 that Bybit had fully repaid it.
‘It’s wonderful to see Bybit completely recovered, and we never had any concerns about the loan’s repayment. This incident demonstrated our industry’s resilience and unity. We advance together with even more resiliency!” she said.
Bybit quickly reassured its users and the larger crypto community after the breach. CEO Ben Zhou declared that compensation measures had already been in place and that the exchange had fully covered all losses resulting from the attack.
A proof-of-reserves audit was made public, confirming Bybit’s sound financial standing and resilience to the exploit’s effects.
Bybit has obtained substantial whale deposits, obtained more loans from bridge partners, and aggressively repurchased Ethereum to stabilize its reserves. Bybit’s aggressive purchasing activity, according to Bitfinex analysts, may help offset selling pressure and sustain ETH prices following the hack.
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