Bybit Hacker Launders $614 Million in Ethereum

Within a week, the Bybit hacker has laundered more than 50% of the stolen Ethereum worth up to $614 million.

In the last 6 days, the hacker has washed 266,309 $ETH, approximately worth $614 million. This constitutes 53.3% of the total Ethereum (499K $ETH) that Bybit lost in the notorious incident. Overall, hackers stole $1.5 billion worth of funds by compromising the exchange’s ether cold wallet on February 21, 2025.

According to data from Spot On Chain, the hacker is laundering 48,420 Ethereum per day via ThorChain. If this pace continues, it will only take 5 more days for the remaining 229,469 ETH to be laundered.

Bybit Hacker’s Current Balance and Holdings

(Source: Spot On Chain)

The FBI refers to this particular incident as “TraderTraitor.” In a recent announcement, the FBI stated that the threat actors “are proceeding rapidly and have converted some of the stolen assets to Bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains.” Further, it was noted that “these assets will be further laundered and eventually converted to fiat currency.”

The FBI has already confirmed that a North Korean group is behind the hack. However, North Korean media has yet to respond to these allegations. Additionally, Pyongyang’s mission to the United Nations in Geneva has not commented on requests from The Associated Press.