Bybit hackers use Pump.fun to send Meme coins to clean! Currently, it still holds more than 460,000 ETH stolen money

The hacking incident of Bybit exchange continued to ferment, and the attackers' money laundering methods attracted widespread attention from the cryptocurrency community. According to Solscan data, hackers are suspected of issuing Meme coins through the pump.fun platform to launder money, issuing Meme coins named "QinShihuang". The transaction volume has exceeded US$26 million, the market value has reached US$2.2 million, but the liquidity is only US$200,000.

Bybit hacker used Pump.fun to issue Meme coins to launder money, and still held huge amounts of ETH

Analysis shows that the hacker transferred about 60 SOL to a specific address and then issued the "QinShihuang" Meme coins. The pump.fun platform has removed Meme coins that may be related to Lazarus Group, but this move reveals that the platform is questionable in its decentralization, and its control over listed assets is contrary to the propaganda decentralization concept. How to balance the victim's need to recover assets with the principle of decentralization of platforms is an issue that needs to be discussed in depth in the future of the cryptocurrency industry.

Bybit hacker funds flow and cross-chain money laundering tracking

BeosinTrace tracking shows that since February 23, hackers have transferred huge amounts of funds (11,693.48 ETH, about US$160 million) to 115 addresses, and cross-chain transfers through decentralized exchanges such as Okx Dex and Thorchain, trying to disperse funds and increase the difficulty of tracking. The specific flow is as follows:

• Okx Dex.AggregationRouter: 6,624.25 ETH
• Thorchain: Router: 7,662.8 ETH
• Exch Exchange: 3,570.62 ETH
• Okx Dex.Xbridge: 2,541.56 ETH

Hackers still control huge amounts of ETH

On-chain analyst data shows that hackers have converted about 37,900 ETH (valued over US$106 million) into other assets, including Bitcoin, etc. through platforms such as Chainflip, THORChain, and LiFi. But it still holds about 461,491 ETH (worth approximately US$1.29 billion), and stole a total of about 499,395 ETH (worth approximately US$1.4 billion).

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