Bybit hacker’s $1.4B loot was split into over 40 wallets, and blockchain experts are working to trace the stolen funds.
The recent $1.4 billion hack on Bybit, a leading cryptocurrency exchange, has sent shockwaves through the crypto community. The hacker behind the breach swiftly split the stolen funds across more than 40 different wallets, complicating efforts to track the trail of the stolen assets. According to Nansen, a leading blockchain analytics platform, the breach saw the thief make off with 401,347 Ethereum (ETH) worth over $1.1 billion, along with additional assets including staked ETH tokens. This bold heist has placed the entire industry on high alert as exchanges and blockchain experts scramble to trace the funds.
On-chain data shows that the hacker wasted no time and quickly began moving the stolen ETH. Bybit’s wallet was emptied, and the hacker utilised a variety of methods to spread the assets across multiple wallets. As blockchain technology allows for transparent tracking, sleuths are delving into the minutiae of these transactions, piecing together evidence that may eventually lead to the hacker’s identity.
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