Bybit Repays Bitget Loan of 40,000 ETH

The exchange Bybit has transferred 40,000 ETH back to Bitget’s address, according to data from the on-chain tracking platform Arkham Intelligence. The funds were provided as a loan immediately after the hacker attack.

In the past 2.5 days, the perpetrators have managed to launder 89,500 ETH (~$224 million). This accounts for 18% of the total 499,000 ETH stolen, writes the account EmberCN.

Bybit 黑客在过去 2 天半的时间里已经洗走了 8.95 万枚 ETH ($224M)，这是他盗取 ETH 总数 (49.9 万枚) 的 18%。

要是按照这个频率，黑客再有半个月时间就能把剩下的 41 万枚 ETH 给换成其它资产 (BTC/DAI 等)。

现在黑客的跨链资产兑换主要是通过 THORChain 在进行。

本文由 #Bitget｜@Bitget_zh… pic.twitter.com/kuZKG5oyZi

— 余烬 (@EmberCN) February 25, 2025

According to the source, the hackers intend to convert the remaining 410,000 ETH into other assets such as BTC and DAI. The process is expected to take about two weeks. The perpetrators are actively using the multichain protocol THORChain for the exchange.

Meanwhile, the Chainflip team has announced measures to prevent the illicit use of the funds stolen from Bybit.

https://t.co/Z6nx0146qN

— CHAINFLIP LABS (@Chainflip) February 24, 2025

The company reported that they will release an updated version of the protocol for this purpose. Most of the code is already ready and undergoing testing. The new software is expected to be launched within 24-72 hours.

On February 24, Bybit fully replenished its Ethereum reserves following the breach.

Earlier, experts from Arkham Intelligence linked the incident to the North Korean group Lazarus Group.