A hacker breached the Bybit trading platform and stole 499,395 Ethereum (ETH), worth $1.04 billion, raising concerns about security vulnerabilities in digital trading platforms. The hacker has laundered 270,000 ETH, or $605 million, using decentralized liquidity protocol THORChain. The remaining 229,395 ETH, valued at $514 million, is still in the hacker's possession. The operation involved multiple addresses to obfuscate the origin and movement of funds. The incident has exposed vulnerabilities in cryptocurrency exchanges and sparked a debate on the need for stronger security measures. Authorities are investigating to identify and recover the stolen assets. The heist highlights the need for stricter regulations and oversight in the crypto industry. Improved security protocols and real-time monitoring systems are necessary to protect investor assets. The incident may lead to a shift towards a more centralized oversight model to combat crypto-related crimes.



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