The Bybit hacker has already laundered more than 50% of the stolen Ethereum

Within a week, the Bybit hacker has laundered more than 50% of the stolen Ethereum worth up to $614 million.

In the last 6 days, the hacker has washed 266,309 $ETH approximately worth $614 million. It makes up 53.3% of the total Ethereum (499K $ETH), which Bybit lost in the notorious incident. Overall, hackers stole $1.5 billion worth of funds by compromising the exchange’s ether cold wallet on February 21, 2025.

According to data by Spot On Chain, the hacker is washing 48,420 Ethereum per day via ThorChain. If the hacker continues at this pace, it will take only 5 more days for the remaining 229,469 ETH to be washed.

Bybit hacker’s current balance and holdings (Source: Spot On Chain)

The FBI refers to this particular incident as “TraderTraitor.” In a recent announcement, the FBI stated that the threat actors “are proceeding rapidly and have converted some of the stolen assets to Bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains.” It further added, “It is expected these assets will be further laundered and eventually converted to fiat currency.”

The FBI has already confirmed that a North Korean group is behind the hack. However, the North Korean media has not responded to these allegations yet. Furthermore, Pyongyang’s mission to the United Nations in Geneva also didn’t respond to comment requests from The Associated Press.

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