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Bybit Hackers Move 62,200 ETH, Total Laundered Now at $138M

Arslan Butt•Sunday, March 2, 2025•2 min read

The Bybit hackers have started laundering again, moving 62,200 Ether (ETH) on March 1. This latest transaction worth $138M is an effort to scrub the origins of the funds, according to blockchain analysts.

So far, hackers have laundered 343,000 ETH from the 499,000 ETH stolen, that’s 68.7% of the stolen funds up from 54% on Feb 28. A well known crypto forensics expert, EmberCN on social media, predicts the remaining 156,500 ETH will be moved within the next 3 days.

Authorities Crack Down on Crypto Laundering Networks

In response to the laundering activity, the US FBI has increased efforts to track and block transactions connected to the Bybit hackers. They have flagged 51 Ethereum wallet addresses suspected of facilitating illegal transactions. Elliptic has also identified over 11,000 crypto wallets associated with the hack.

Forensic experts at Chainalysis found that the hackers are converting the stolen ETH into Bitcoin (BTC), Dai (DAI), and other digital assets using decentralized exchanges, cross-chain bridges and instant swap services that don’t require Know Your Customer (KYC) verification. This makes it harder to track and freeze the funds before they can be cashed out.

Key Developments:

  • 343,000 ETH ($787M) of stolen funds moved.

  • FBI and blockchain firms monitoring 11,000+ flagged crypto wallets.

  • Hackers using non-KYC decentralized exchanges and cross-chain bridges.

THORChain Faces Backlash Over Money Laundering Loopholes

One of the protocols used to move the stolen assets is THORChain, a decentralized cross-chain asset swap platform. The developers behind the project are being criticized for allowing a large volume of North Korean linked transactions.

A former THORChain developer, Pluto, left the project after an internal vote to blacklist the Bybit hackers transactions was reversed. THORChain founder John-Paul Thorbjornsen said none of the FBI’s sanctioned wallet addresses have interacted directly with the protocol.

The Bybit hack is the biggest hack in the crypto industry to date, bigger than the $650M Ronin Bridge hack in March 2022. As the pressure grows, authorities are getting better at tracking and fighting crypto crime.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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