The post Pro-Bitcoin Countries to Ban Crypto Mixers After Bybit Case? appeared on BitcoinEthereumNews.com.

On Feb. 21, 2025, around $1.5 billion in ETH was stolen from the Bybit exchange. The Elliptic analytics say the funds were probably stolen by the infamous Lazarus Group. The tokens were likely sent to crypto mixers for laundering. Thieves who stole crypto from Infini the following day were using a mixer service, too. What does the future hold for crypto mixers in the pro-crypto countries? Crypto mixers were used by thieves after two recent major crypto hacks According to a report by Elliptic, the Bybit hack is the largest heist of all time, not only the biggest crypto exchange hack. Elliptic points out that usually hacks like the recent Bybit incident involve layering of the stolen funds. It may include the use of decentralized exchanges, swapping services, or crypto mixers like Tornado Cash or Cryptomixer.  In two hours after the hack, 400,000 ETH stolen from Bybit were distributed among around 50 addresses. As of February 23, 10% of these wallets were already emptied. The following actions with these assets may include more transactions like swapping, using the cross-blockchain bridges, mixers, etc. Elliptic singles out the fully anonymous exchange eXch as the main tool for the Bybit hack money laundering at the current stage.  Elliptic analysts say the final stage is obfuscating transactions via crypto mixers. It is noted in the report that this task may be demanding in this case due to the sheer volumes of stolen funds. Following the Bybit hack, bad actors stole $50 million in USDC from the Infini platform. A crypto mixer Tornado Cash was used at some point to hide the real transaction details. The funds stolen in January’s multi-million hack of the Phemex exchange reportedly ended up in a Tornado Cash mixer as well. Debate over the legitimacy of crypto mixers Bitcoin, Ethereum,…

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Filed under: News - @ February 25, 2025 3:20 pm