The hacker responsible for the record-breaking $1.4 billion exploit of Bybit has laundered over $335 million in stolen digital assets, according to on-chain analysis. Investigators remain on high alert as the movement of illicit funds continues at an alarming rate.
Largest Crypto Hack in History
The crypto industry suffered a massive blow on Feb. 21 when Bybit fell victim to an unprecedented cyberattack, resulting in the theft of over $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and other digital assets. The exploit, now the largest in crypto history, has rattled investor sentiment and reignited concerns over the security of centralized exchanges (CEXs).
On-chain data reveals that in the past 24 hours alone, the attacker moved 45,900 ETH (approximately $113 million), bringing the total laundered amount to more than 135,000 ETH—valued at $335 million. Despite this, the hacker still holds around 363,900 ETH, worth roughly $900 million, raising fears of further laundering in the coming days.
Pseudonymous blockchain analyst EmberCN estimated that at the current rate, the remaining funds could be cleaned within 8 to 10 days.
Bybit 黑客在过去 24 小时洗走了 4.59 万枚 ETH ($1.13 亿)。目前他们一共已经洗走了 13.5 万枚 ETH ($3.35 亿)，接近三分之一了。
— 余烬 (@EmberCN) February 26, 2025
现在 Bybit 黑客地址里还有 36.39 万枚 ETH ($9 亿)。以目前的频率只需要再有 8~10 天就洗完了。
本文由 #Bitget｜@Bitget_zh 赞助 https://t.co/nNwpWP0uEE pic.twitter.com/tpIi3LD7FU
Lazarus Group Suspected
Blockchain security firms, including Arkham Intelligence, have pointed to North Korea’s infamous Lazarus Group as the primary suspect behind the Bybit exploit. The group has been linked to several high-profile crypto heists, allegedly using stolen funds to finance illicit activities, including nuclear weapons programs.
Bybit co-founder and CEO Ben Zhou has taken a strong stance against the attackers, declaring “war” on the Lazarus Group just four days after the exploit. Meanwhile, blockchain analytics firm Elliptic has flagged over 11,084 cryptocurrency wallet addresses suspected of involvement, with the number expected to grow as investigations progress.
Bybit’s Swift Response Rebuilds Trust
Despite the staggering scale of the attack, Bybit’s rapid response has earned cautious optimism from industry leaders. The exchange fully reimbursed the stolen $1.4 billion within three days, ensuring all customer withdrawals were honored.
Dan Hughes, founder of the decentralized finance platform Radix, believes Bybit’s handling of the crisis could help restore confidence in CEXs. “Assuming the worst is behind us, Bybit’s response may actually recover some trust in centralized exchanges,” Hughes stated.
Also Read: Safe Wallet Admits Role in $1.5 Billion Bybit Hack Amid Mounting Criticism
Still, the Bybit exploit alone accounts for more than half of the $2.3 billion stolen in crypto-related hacks in 2024, marking a major setback for the industry. As the hacker’s laundering efforts continue, authorities and blockchain investigators remain in a race against time to track and recover the stolen assets.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
