Contemporary analysis presumed the Bybit perpetrators—allegedly linked to Pyongyang-aligned cyber operatives Lazarus Group—might idly hoard their ill-gotten reserves for quite some time. Instead, the digital marauders have orchestrated a meticulous fragmentation of the purloined ethereum, dispersing it across a labyrinth of wallets to cloak their digital footprints.

These state-backed actors have employed algorithmic marketplaces (DEXs) to execute token exchanges, transforming ETH into alternative cryptos through disguised financial maneuvers that grease the wheels of monetary obfuscation. Simultaneously, they exploit multi-network bridges to shuttle assets across different blockchains, a tactic designed to defy conventional blockchain forensic tactics. Additionally, the funds are being converted to bitcoin (BTC).

Four days ago, Bitcoin.com News detailed that wallets linked to the Bybit exploit contained 449,395.23 ETH, an amount valued at approximately $1.26 billion at the time. As of today, that sum has dwindled to 218,750.18 ETH, now distributed across 56 separate addresses. During this period, the attackers successfully transferred 230,645.05 ETH, an amount worth $497.4 million at today’s ether exchange rates. Coupled with the wider crypto market slump, this exodus of funds has weighed heavily on ETH’s price.

Over the past 24 hours, ETH has fallen 6%, extending its 30-day decline to 30.2%. The cryptocurrency has fluctuated between $2,082 and $2,329 throughout the day. While trading volume remains elevated at $38.11 billion, much of it stems from sustained sell pressure.

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