The market crash is irreversible; no one expected that under the full-scale pursuit and interception across the internet, the hacker's money laundering speed would be so fast! In just a few days, the Bybit hacker has laundered over 50% of the stolen ETH. Such a massive amount of ETH is exchanged for BTC, and then recklessly dumped for USD, making it impossible to stop. It turns out that the so-called blockchain security system is so fragile; yet it still wants to innovate for traditional finance. With this behavior, it would be better not to harm traditional finance.
According to monitoring by Spot On Chain, the Bybit hacker has laundered over 50% of the stolen ETH. In the past 6 days, 266,309 ETH have been laundered, worth approximately $614 million, accounting for 53.3% of the stolen ETH. Most of it was exchanged for BTC through THORChain, with a daily laundering rate of 48,420 ETH. At this rate, the remaining ETH could potentially be laundered in just 5 days.
There was just news of a disaster; the public wallet of Suji Yan, the founder of Mask Network, who claims to use advanced encryption technology for messages and transactions, was stolen for over $4 million, suspected to be due to a private key leak or offline attack. Ironically, the hacker chose to launch the attack on his birthday, the 29th.
In an instant, the blockchain has become riddled with holes and particularly unsafe, which may be the reason why the capital market is starting to crash and step back to observe. $MASK
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