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Bybit hacker attack
Attack Overview: On February 21, 2025, Bybit suffered the largest theft in the history of cryptocurrency. Hackers stole approximately US$1.46 billion worth of Ethereum (ETH) and other ERC-20 tokens through a forged signature attack.
Attack method: The hacker controlled the signer device of Bybit's ETH multi-signature cold wallet through complex social engineering attacks, and replaced the implementation contract of Safe with a malicious contract, thereby emptying the funds in the cold wallet.
Subsequent impact: Bybit stated that except for the attacked ETH cold wallet, other wallets are safe and user funds are not affected. However, this incident triggered fluctuations in the cryptocurrency market, and the price of ETH fell for a time.
Kanye Meme Coin
Official statement: On February 22, 2025, Kanye West stated on social media that all Meme coins related to him on the market are fake, and he plans to launch the official Meme coin next week.
Money laundering risk: There is no evidence that Kanye Meme Coin is directly related to the Bybit hack. However, given the high risk and lack of supervision in the Meme Coin market, it may be used for illegal activities such as money laundering in the future.
The Solana Network and Money Laundering Risks
Solana Network: Bybit also has operations in the Solana ecosystem, but there is currently no evidence that the Solana network was used in this hack or money laundering.
Money laundering: Hackers usually spread the stolen funds to multiple addresses and use decentralized exchanges (such as Uniswap) to trade to conceal the flow of funds. This behavior may also occur on the Solana network, but further investigation is needed.
Summarize
There is no direct evidence that the Bybit hackers used the Solana network or Kanye Meme coins to launder money. However, given the complexity of the cryptocurrency market and the lack of regulation, we still need to remain vigilant in the future, especially for emerging Meme coins and decentralized finance (DeFi) platforms.
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