The Bybit hacker has successfully laundered 100,000 ETH, worth approximately $250 million, just four days after executing one of the largest cryptocurrency heists in history. Despite these transfers, the hacker still controls 399,000 ETH, a sum larger than the holdings of both the Ethereum Foundation and Ethereum co-founder Vitalik Buterin.
How the Hacker Is Laundering the Stolen ETH
According to blockchain analytics firm Spot On Chain, the attacker has been splitting the stolen ETH into smaller amounts and moving them across multiple addresses. The hacker has been utilizing THORChain (RUNE) for cross-chain swaps, converting ETH into:
- Bitcoin (BTC)
- Dai (DAI)
- Other digital assets
🚨 100,000 $ETH (~$250M) has been laundered by #Bybit hacker in under 4 days!
“The hacker has now washed 20% of the stolen 499K ETH, actively splitting funds into smaller amounts across multiple addresses and using THORChain for cross-chain swaps into BTC, DAI, and other assets.”
— Spot On Chain (@spotonchain), Feb. 26, 2025
Despite laundering a significant portion of the stolen funds, the hacker still holds 399,000 ETH, raising concerns about further potential sell-offs in the market.
Bybit Repays 40,000 ETH Loan from Bitget
Meanwhile, Bybit has repaid the 40,000 ETH loan it received from Bitget following the attack. Bitget CEO Gracy Chen confirmed in a Feb. 25 X post that the loan, which was issued without interest or collateral, was purely a sign of industry support.
“Confirmed that the 40,000 #ETH loaned to #Bybit has been returned to #Bitget. No interest, no collateral—this was simply about supporting a peer in need. Great to see Bybit fully recovered, and we never doubted the return of the loan.”
— Gracy Chen (@GracyBitget), Feb. 25, 2025
Bybit’s Recovery Efforts and Market Impact
Bybit swiftly covered its losses following the exploit and has since taken several measures to restore user confidence:
- Proof-of-reserves audit published on Feb. 24 confirmed the exchange remains solvent.
- ETH purchases, whale deposits, and bridge partner loans helped stabilize Bybit’s reserves.
- Bitfinex analysts believe Bybit’s ETH acquisitions could help offset selling pressure, potentially preventing further declines in Ethereum’s price.
Ethereum’s Price Remains Under Pressure
Despite Bybit’s efforts, Ethereum remains in a correction phase. ETH is currently trading at $2,489, down 9% in the last 24 hours, with market sentiment remaining weak due to:
- Macroeconomic uncertainty
- Weakened trading momentum
- Ongoing crypto market sell-offs
While Bybit’s recovery is a positive sign for the industry, the hacker’s continued control of 399,000 ETH remains a major concern, as further sell-offs could put additional pressure on Ethereum’s price in the near term.
