- Hackers laundered 62,200 ETH on March 2, leaving 156,000 ETH unprocessed.
- The FBI identified 51 Ethereum addresses linked to the hackers.
Bybit hackers have resumed laundering stolen funds. On March 2, they moved another 62,200 ETH, worth $138 million. This marks a significant increase in laundering activity. Of the 499,000 ETH stolen on February 21, only 156,000 ETH remains unprocessed. Analysts predict the remaining funds will be cleared within three days.
North Korea’s Lazarus Group is suspected to be behind the laundering. Additionally, the FBI has identified 51 Ethereum addresses linked to the hackers. Furthermore, blockchain analytics firm Elliptic has already flagged over 11,000 wallet addresses possibly connected. Despite efforts from U.S. authorities to block transactions, laundering continues at a fast pace.
The hackers have used decentralized exchanges, cross-chain bridges, and swap services. Chainalysis reports that portions of the stolen Ethereum have been converted into Bitcoin, Dai, and other assets. THORChain, a cross-chain protocol, has faced criticism for facilitating some of these transfers. One of its developers, Pluto, resigned after a vote to block hacker-linked transactions was overturned.
Market Reactions to Laundering Event
The impact of this laundering has been significant. Ethereum price dropped 0.46% to $2,220 on March 2, and trading volumes plunged 40%. Decentralized exchanges saw a peak volume of 1.2 million Ethereum traded at 3:30 PM. https://thenewscrypto.com/metamask-fixes-ethereum-gas-fees-with-new-gas-station/
ETH/BTC trading pairs saw a notable rise, with 55,000 ETH traded against Bitcoin. Meanwhile, ETH/USDT saw a smaller 10% increase, reaching 800,000 ETH in trading volume by 4:00 PM. This divergence highlights varied market reactions to the laundering event.
On-chain metrics reflect heightened activity. Gas fees also spiked 30% to an average of 50 Gwei, clearly indicating increased transaction demand. Moreover, this laundering event highlights vulnerabilities in centralized exchanges and underscores the need for stronger security measures. As authorities attempt to block transactions, the crypto market remains on high alert.
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