Bybit Hacker Launders $605M via THORChain
According to Lookonchain, the Bybit hacker has successfully laundered 270K ETH, equivalent to $605 million, through THORChain, which represents 54% of the total stolen funds. The hacker still retains 229,395 ETH, valued at $514 million. This activity is significant for traders monitoring the movement of stolen cryptocurrency and its potential impact on market liquidity and security protocols.
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On February 28, 2025, at 10:30 AM UTC, Lookonchain reported that the Bybit hacker has begun laundering funds through THORChain. The hacker has successfully laundered 270,000 ETH, equivalent to approximately $605 million, which accounts for 54% of the total stolen funds from Bybit. The hacker still holds 229,395 ETH, valued at around $514 million at the time of the report (Lookonchain, 2025). This incident has had immediate repercussions on the cryptocurrency market, particularly affecting the trading dynamics of ETH and RUNE, the native token of THORChain. At the time of the report, ETH was trading at $2,200, experiencing a 3.5% decline in the last 24 hours (CoinMarketCap, 2025). Concurrently, RUNE saw a 5% surge in its price, reaching $8.50, reflecting increased trading volume due to the laundering activity (CoinGecko, 2025). The total trading volume for ETH on February 28 reached $28 billion, indicating heightened market activity (CryptoCompare, 2025). For RUNE, the trading volume spiked to $1.2 billion, a significant increase from the previous day's $800 million (CoinGecko, 2025). The laundering activities have also influenced other trading pairs, with ETH/BTC seeing a slight increase in volume to $4.5 billion and ETH/USDT experiencing a surge to $12 billion in trading volume (Binance, 2025). On-chain metrics further reveal that the hacker's transactions have led to increased activity on the Ethereum network, with gas fees rising by 20% to an average of 50 Gwei (Etherscan, 2025). Additionally, the total value locked (TVL) in THORChain increased by 15% to $1.3 billion, indicating a rush of funds into the platform (DefiLlama, 2025).
The implications of the Bybit hacker's laundering activities on February 28, 2025, are multifaceted. The immediate drop in ETH's price by 3.5% can be attributed to increased selling pressure from the laundered ETH entering the market (CoinMarketCap, 2025). Conversely, the 5% rise in RUNE's price is a direct result of increased demand for the token as a vehicle for laundering (CoinGecko, 2025). The surge in trading volumes for both ETH and RUNE underscores the market's reaction to the news. Specifically, the trading volume for ETH reached $28 billion, reflecting heightened market activity and potential panic selling (CryptoCompare, 2025). RUNE's trading volume increased to $1.2 billion, suggesting that traders are actively engaging with the token in response to the laundering news (CoinGecko, 2025). The increase in trading volumes for ETH/BTC and ETH/USDT pairs further indicates a broader market impact, with investors adjusting their positions in response to the laundering news (Binance, 2025). On-chain metrics such as the 20% rise in gas fees to an average of 50 Gwei highlight the increased transaction activity on the Ethereum network, likely driven by the hacker's movements (Etherscan, 2025). The 15% increase in TVL in THORChain to $1.3 billion suggests that the platform is being utilized more heavily as a means to launder the stolen funds (DefiLlama, 2025). These metrics collectively paint a picture of a market reacting to the laundering activities and adjusting accordingly.
From a technical analysis perspective, the price movement of ETH on February 28, 2025, exhibited a bearish trend, with the price dropping below the 50-day moving average of $2,250 to $2,200 (TradingView, 2025). The Relative Strength Index (RSI) for ETH was at 45, indicating a neutral market condition but with a slight bearish tilt (TradingView, 2025). The trading volume for ETH, reaching $28 billion, further supports the bearish sentiment, as it often accompanies price declines (CryptoCompare, 2025). For RUNE, the price surge to $8.50 pushed it above its 20-day moving average of $8.20, signaling a bullish trend (TradingView, 2025). The RSI for RUNE was at 65, suggesting overbought conditions and potential for a pullback (TradingView, 2025). The trading volume for RUNE, at $1.2 billion, reflects strong market interest and potential for further price volatility (CoinGecko, 2025). The increased trading volumes for ETH/BTC and ETH/USDT pairs, at $4.5 billion and $12 billion respectively, indicate that traders are actively adjusting their positions in these pairs in response to the laundering news (Binance, 2025). On-chain metrics such as the 20% rise in gas fees to an average of 50 Gwei and the 15% increase in TVL in THORChain to $1.3 billion further corroborate the market's reaction to the laundering activities (Etherscan, 2025; DefiLlama, 2025). These technical indicators and volume data provide traders with insights into potential trading opportunities and risks in the current market environment.
Regarding AI-related news, there have been no direct AI developments reported on February 28, 2025, that correlate with the Bybit hacker's laundering activities. However, the broader market sentiment, influenced by such events, can impact AI-related tokens. For instance, if AI-driven trading algorithms detect increased volatility due to the laundering news, they may adjust their trading strategies, potentially affecting the trading volumes and prices of AI-related tokens such as SingularityNET (AGIX) and Fetch.AI (FET). On February 28, 2025, AGIX experienced a 2% increase in trading volume to $50 million, while FET saw a 1.5% rise to $30 million, suggesting that market sentiment might be influencing these tokens (CoinGecko, 2025). The correlation between the Bybit hacker's activities and AI-related tokens remains indirect but noteworthy for traders monitoring market dynamics.
The implications of the Bybit hacker's laundering activities on February 28, 2025, are multifaceted. The immediate drop in ETH's price by 3.5% can be attributed to increased selling pressure from the laundered ETH entering the market (CoinMarketCap, 2025). Conversely, the 5% rise in RUNE's price is a direct result of increased demand for the token as a vehicle for laundering (CoinGecko, 2025). The surge in trading volumes for both ETH and RUNE underscores the market's reaction to the news. Specifically, the trading volume for ETH reached $28 billion, reflecting heightened market activity and potential panic selling (CryptoCompare, 2025). RUNE's trading volume increased to $1.2 billion, suggesting that traders are actively engaging with the token in response to the laundering news (CoinGecko, 2025). The increase in trading volumes for ETH/BTC and ETH/USDT pairs further indicates a broader market impact, with investors adjusting their positions in response to the laundering news (Binance, 2025). On-chain metrics such as the 20% rise in gas fees to an average of 50 Gwei highlight the increased transaction activity on the Ethereum network, likely driven by the hacker's movements (Etherscan, 2025). The 15% increase in TVL in THORChain to $1.3 billion suggests that the platform is being utilized more heavily as a means to launder the stolen funds (DefiLlama, 2025). These metrics collectively paint a picture of a market reacting to the laundering activities and adjusting accordingly.
From a technical analysis perspective, the price movement of ETH on February 28, 2025, exhibited a bearish trend, with the price dropping below the 50-day moving average of $2,250 to $2,200 (TradingView, 2025). The Relative Strength Index (RSI) for ETH was at 45, indicating a neutral market condition but with a slight bearish tilt (TradingView, 2025). The trading volume for ETH, reaching $28 billion, further supports the bearish sentiment, as it often accompanies price declines (CryptoCompare, 2025). For RUNE, the price surge to $8.50 pushed it above its 20-day moving average of $8.20, signaling a bullish trend (TradingView, 2025). The RSI for RUNE was at 65, suggesting overbought conditions and potential for a pullback (TradingView, 2025). The trading volume for RUNE, at $1.2 billion, reflects strong market interest and potential for further price volatility (CoinGecko, 2025). The increased trading volumes for ETH/BTC and ETH/USDT pairs, at $4.5 billion and $12 billion respectively, indicate that traders are actively adjusting their positions in these pairs in response to the laundering news (Binance, 2025). On-chain metrics such as the 20% rise in gas fees to an average of 50 Gwei and the 15% increase in TVL in THORChain to $1.3 billion further corroborate the market's reaction to the laundering activities (Etherscan, 2025; DefiLlama, 2025). These technical indicators and volume data provide traders with insights into potential trading opportunities and risks in the current market environment.
Regarding AI-related news, there have been no direct AI developments reported on February 28, 2025, that correlate with the Bybit hacker's laundering activities. However, the broader market sentiment, influenced by such events, can impact AI-related tokens. For instance, if AI-driven trading algorithms detect increased volatility due to the laundering news, they may adjust their trading strategies, potentially affecting the trading volumes and prices of AI-related tokens such as SingularityNET (AGIX) and Fetch.AI (FET). On February 28, 2025, AGIX experienced a 2% increase in trading volume to $50 million, while FET saw a 1.5% rise to $30 million, suggesting that market sentiment might be influencing these tokens (CoinGecko, 2025). The correlation between the Bybit hacker's activities and AI-related tokens remains indirect but noteworthy for traders monitoring market dynamics.
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