- Bybit repaid 100,000 ETH to partners who helped after the hack and returned 40,000 ETH to Bitget.
- Hackers laundered 135,000 ETH and still hold 363,900 ETH as they move funds using THORChain for cross-chain transfers.
- Bybit secured $172.5M in loans from exchanges and claimed to have fully covered the $1.4B loss from the hack.
Bybit has returned 100,000 ETH to partners who supported the exchange during the hack, with around 33,000 $ETH still to be repaid. Bybit has sent nearly $100 million worth of Ethereum back to Bitget.
Blockchain data from Arkham Intelligence confirms that 40,000 ETH, valued at approximately $99.98 million, was transferred from a Bybit cold wallet to Bitget on February 24. Bitget had initially provided this amount as a loan to Bybit following a massive $1.4 billion hack.
Bybit’s Strategy to Secure Funds
Before completing the transfer to Bitget, Bybit first moved the Ethereum from its hot wallet to a cold wallet. Additionally, the exchange transferred 47,800 ETH, worth around $118 million, to another cold wallet before repaying Bitget. These moves indicate an effort to secure assets while managing repayments.
Bybit also made a separate transfer of 3,000 ETH, valued at $7.5 million, to Binance from a hot wallet. The exchange claims to have fully covered the $1.4 billion loss through a combination of whale deposits, Ethereum purchases, and loans from multiple exchanges, including Bitget.
On February 22, just one day after the hack, Bybit secured $172.5 million worth of Ethereum in loans. This included 40,000 ETH from Bitget, 12,652 ETH in staked Ethereum from MEXC, and 11,800 ETH from Binance.
Hacker Activity and Laundering Operations
Despite Bybit’s recovery efforts, data from Arkham Intelligence shows that the hackers are actively laundering stolen funds. The perpetrators have managed to launder 45,900 ETH worth $113 million in the past day. The attackers have successfully laundered 135,000 ETH which is worth $335 million representing 33% of the stolen funds.
Ongoing Fund Movements and Expert Analysis
Currently, the hackers still hold 363,900 ETH in their wallets. At the current pace, analysts estimate they will need eight to ten days to launder the remaining amount. In just 2.5 days, they converted 89,500 ETH, worth about $224 million, into other cryptocurrencies. This represents only 18% of the 499,000 ETH stolen in the February 21 breach, marking it as the largest cryptocurrency theft in history.
The investigators monitoring stolen assets have identified THORChain as the primary tool for fund transfers by hackers. THORChain operates as a decentralized liquidity protocol to conduct smooth cross-chain transactions.
This method enables criminals to change ETH into different assets without triggering security alerts. This method of operation matches previous attack methods used by North Korea state-sponsored hackers.
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