🧵 Thread: The full story of the Bybit hack, how attackers exploited Solana's memecoins to launder money, and why BNB Chain is starting to steal the spotlight from Solana! 👇
1️⃣ Bybit Hack – $1.5 Billion Steal! On February 21, 2025, Bybit suffered a massive hack that resulted in the theft of 401,000 ETH (~$1.5 billion)! 😱
📉 The money didn't stay on Ethereum, it moved to Solana and BSC, and here money laundering operations began using memecoins
📌 Source: businessinsider.com
🔗 Follow the story 👇
2️⃣ How was the hack carried out? 🕵️♂️
• Hackers exploited a vulnerability in the process of transferring funds between Bybit's cold and hot wallets.
• Immediately, $1.08 million was sent to the address:
🔗 0x363908df2b0890e7e5c1e403935133094287d7d1
• Then converted to USDC on Solana!
🎯 But why Solana? 🤔
Because it is the perfect network for money laundering through memecoins!
📌 Source: cointelegraph.com
🔗 More details 👇
3️⃣ How were memecoins used for money laundering? 💰
Hackers used unknown memecoins on Solana to launder money, then sold SOL for USDT! 🔥
🔹 Funds were split across 30+ wallets and then merged back into the address:
🔗 0x0be9ab85f399a15ed5e8cbe5859f7a882c7b55a3
🔹 So far, 920+ addresses that received suspicious funds from the hack have been traced! 😳
📌 Source: theguardian.com
🔗 But the surprise was in Pump.fun 👇
4️⃣ Pump.fun platform was the center of money laundering operations! 🚨
🛑 The hackers' accounts were quickly creating memecoins, laundering money through them, and then withdrawing them!
But the surprise? The platform was completely banned today, and the hackers' funds were frozen! 😱🔥
📌 Source: businessinsider.com
🔗 What about the BNB and Solana conflict? Follow 👇
5️⃣ Has Solana's collapse started? 🚨
BNB is starting to take the place of Solana because:
🔹 Lower fees and faster transaction speed 📈
🔹 Motivate developers with powerful features 💰
🔹 Greater liquidity support for meme coins 🔥
📊 BNB Chain has the most new meme projects compared to Solana in 2025!
📌 Source: cryptobriefing.com
🔗 But does that mean Solana is finished? 👇
6️⃣ Will BNB dominate the market? 🤔
Although BNB offers strong competition, Solana still retains its popularity among decentralized projects and memecoins.
But if the technical issues and attacks on Solana continue, we may see a major shift in BNB’s favor! 🔥
📌 Source: coindesk.com
🔗 Your opinion matters to us!
7️⃣ What do you think about all this? 🤯
💬 Do you think BNB will overtake Solana soon? Or will Solana make a comeback?
💬 Will memecoins become an official money laundering tool in the future?
🚀 Share your opinion, and don't forget to follow the upcoming updates!🔥