Bybit hacker launders $250M in ETH—Still holds more than Vitalik

The Bybit hacker has laundered 100,000 ETH, about $250 million, just four days after executing the largest cryptocurrency heist.

According to a Feb. 26 post on X by blockchain analytics firm Spot On Chain, the hacker who stole 499,000 Ethereum (ETH) from Bybit’s cold wallet has been splitting the funds into smaller chunks and transferring them between several addresses.

Hacker has been utilizing THORChain (RUNE) to make cross-chain swaps into Bitcoin (BTC), Dai (DAI), and other assets. The attacker still holds 399,000 ETH, a figure that surpasses ETH held by both The Ethereum Foundation and Vitalik Buterin, one of Ethereum’s co-founders.

In another development, Bybit has repaid the 40,000 ETH loaned to it by Bitget after the hack. Bitget’s CEO confirmed the repayment on a Feb. 25 X post, stressing that the loan was given out without interest or collateral as a sign of industry support. She complimented Bybit’s swift recovery, noting that it demonstrated the strength and resilience of the cryptocurrency market. 

As earlier reported by Crypto.news on Feb. 18, Bybit has already fully covered the losses resulting from the exploit. The CEO of Bybit, Ben Zhou, assured the community that the exchange has taken steps to rebuild trust and has compensated for all damages originating from the hack, Bybit’s proof-of-reserves audit, which was released on Feb. 24, demonstrated its capacity to withstand the impact. 

To stabilize its holdings, the exchange made ETH purchases, secured loans from bridge partners, and obtained sizable whale deposits. Bybit’s active buying activity may assist offset selling pressure and perhaps support ETH prices, according to Bitfinex analysts. 

Ethereum is still in a correction phase despite these efforts. ETH is currently trading at $2,489, down about 9% over the 24 hours. Growing macroeconomic uncertainty and weakening market momentum have both contributed to the pullback.