Bybit Returns 40,000 ETH Loan to Bitget After Cyber Heist

The Bybit exchange has transferred back 40,000 ETH to the Bitget address, according to data from the on-chain tracking platform Arkham Intelligence. These funds were provided as a loan shortly after a hacking incident.

Over the past 2.5 days, the attackers managed to launder 89,500 ETH (approximately $224 million), which is about 18% of the total 499,000 ETH stolen, as reported by the EmberCN account.

Sources indicate that the hackers plan to convert the remaining 410,000 ETH into other assets such as BTC and DAI. This process is expected to take around two weeks. The perpetrators are actively utilizing the multi-chain protocol THORChain for the exchange.

In the meantime, the Chainflip team has announced its intention to take measures against the illegal use of the funds stolen from Bybit.

The company stated that it will release an updated version of its protocol for this purpose. Most of the code is already complete and undergoing testing. The new software is anticipated to be launched within 24 to 72 hours.

It is worth noting that on February 24, Bybit fully restored its Ethereum reserves following the hack.

Previously, experts from Arkham Intelligence connected the incident to the North Korean group Lazarus Group.