#链上数据洞察 The impact of the recent Bybit hacking incident on Ethereum on-chain data is mainly reflected in the following aspects:
1. Large-scale abnormal capital flow
The hacker modified the smart contract logic of the multi-signature cold wallet, transferring a total of approximately 514,000 ETH (worth 1.429 billion USD), making it one of the largest single capital transfer events on the Ethereum chain. The stolen assets were dispersed to 49 Ethereum addresses (each address received 10,000 ETH), and an additional 15,000 staked cmETH are in the unbonding waiting period, further complicating on-chain transactions and increasing tracking difficulty. In addition, some funds were exchanged for ETH through DEX, resulting in a surge in on-chain exchange transaction volume.
2. Strengthening on-chain monitoring and labeling systems
The security company Beosin tagged over 40 involved addresses and activated the KYT (Know Your Transaction) tool to monitor the flow of funds in real-time, preventing the sale of ETH. Such measures reflect the crucial role of on-chain security tools in responding to large-scale attacks, but also expose the limitations of existing monitoring systems in addressing decentralized money laundering operations.
3. Volatility of stablecoins and staked assets
The incident led to a bulk unbonding or transfer of stolen staked assets such as stETH and cmETH, which could trigger short-term liquidity imbalances in on-chain staking pools. Furthermore, the panic associated with the incident affected the stablecoin USDe, causing it to temporarily decouple from the dollar (falling to 0.98 USD), reflecting the vulnerability of on-chain stablecoin peg mechanisms during extreme events.
4. On-chain address association and mixing risk
After the hacker dispersed the funds to 49 addresses, they further concealed the flow using mixing tools (such as Tornado Cash), making it significantly more difficult to clean Ethereum on-chain data. This operational model may drive future upgrades to on-chain analytical tools regarding cross-address associations and fund path prediction capabilities.
5. Exposure of smart contract security vulnerabilities on-chain
The attack exploited centralization flaws in smart contract upgrade permissions, inducing multi-signature authorization through forged frontend UI, exposing potential risks in multi-signature contracts within the Ethereum ecosystem. This incident may prompt developers to restructure the permission separation mechanisms and secondary verification processes for on-chain contracts.
