Moving 62,200 Ether (ETH) valued at about $138 million on March 1, the Bybit hackers have ramped uThis results in 343,000 ETH, or equal to 68.7% of the total laundered monies from the $1.4 billion Bybit exploit.total laundered monies.
Movement in Stolen Crypto Spspeeds upOnly 156,500 ETH remain for transfer, according to blockchain experts.
Blockchain experts say just 156,500 ETH is still to be transferred. EmberCN, a pseudonymous researcher, projects that the last of the money will be cleared in three days. Notwithstanding efforts by U.S. officials to stop questionable transactions, the laundering process has gotten more intense.
Authorities React
The U.S. Federal Bureau of Investigation (FBI) has stepped up its tracking and prevention measures against cashing out hackers. Authorities have identified 51 Ethereum wallet addresses believed to be associated with the criminals Blockchain analytics company Elliptic also notes over 11,000 suspected crypto wallets linked to illegal activity.
Through distributed exchanges and cross-chain bridges devoid of Know Your Customer (KYC), the hackers are swapping the stolen ETH into Bitcoin (BTC), Dai (DAI), and other digital assets, according to investigations by crypto forensics company Chainalysis. This approach helps them hide the fund sources, thereby making them moTHORChain, a distributed cross-chain asset swap system, has garnered criticism for allegedly supporting a significant portion of these transactions.
THOR Chain Under Close Inspection
Allegedly supporting a large portion of these transactions, THORChain, a distributed cross-chain asset swap system, has drawn criticism for Following the reversal of an internal vote to ban the hacker transactions, “Pluto,” a developer, announced his departure from the project. Notwithstanding criticism, John-Paul Thorbjornsen, the founder of THORChain, insists that none of the approved wallet addresses obtained by the FBI have directly interacted with the system.
The biggest crypto theft to date
Rising over the $650 million Ronin Bridge attack from March 2022, the Bybit hack, which took place on February 21, is the largest cybercrime in the bitcoin space. Under more government and blockchain company scrutiny, the fight to lower crypto-related crimes keeps getting more intense.
