The hacker in the back of the Bybit attack has resumed shifting stolen belongings and has refined their laundering strategies. Beosin, a Web3 protection firm, reported that the hacker transferred stolen cryptocurrency from THORChain to the Bitcoin blockchain. They then converted the belongings into non-freezable DAI using OKX DEX.  

Hacker Converts Over $106 Million Worth of ETH

Recent blockchain data shows that the Bybit hacker changed 37,900 ETH, worth about $106 million, into various assets. The laundering operation started on February 22, 2025, and went on for about 30 hours. The hacker used several move-chain change systems to transfer funds. These included Chainflip, THORChain, LiFi, DLN, and eXch.  

The hacker still has 461,491 ETH today. It’s worth about $12.9 billion. The dependent method in asset motion shows a laundering technique that gets stronger over time. Security analysts think hackers use decentralized systems. This helps them avoid tracking and asset freezes.  

Exchanges and authorities take countermeasures.

Many cryptocurrency systems froze assets linked to the stolen funds after the hack. ChangeNow iced up 34 ETH, while Avalanche restricted access to 0.38755 BTC. FixedFloat, using the Lightning Network, also froze $120,000 in USDC and USDT.  

THORChain has blocked addresses tied to the North Korean hacking group responsible for the attack. Tether and Circle, both stablecoin issuers, have identified wallets tied to the hackers. Tether has frozen 181,000 USD.  

Bybit announced that they had frozen $42.85 million in stolen assets on many exchanges. The platform also warned users about scammers pretending to be Bybit officers. These scammers try to steal sensitive personal information.  

Hackers’ shift to Solana raises new concerns.

The hacker is now moving assets to Solana. They are using fake KYC records to deposit money on exchanges. Bybit teamed up with Pump (a laugh) and Solana Foundation President, Lily Liu. They worked together to remove a Solana-based token linked to the hacker.  

Evolving laundering strategies highlight the tough challenges exchanges and security firms face. They struggle to recover stolen funds. Blockchain security experts still reveal the hackers’ actions. Meanwhile, efforts to track and freeze assets continue.