Bybit has already paid more than $4 million to bounty hunters who helped trace and freeze some of the stolen funds.

The world's second-largest crypto exchange Bybit suffered an exploit Friday that saw it drained of about $1.4 billion worth of ethereum and staked ether.

It's only February but hackers have already stolen $1.6 billion in exploits, blockchain security firm Immunefi has said.

A hacker responsible for the $1.4 billion Bybit heist has laundered over 50% of the stolen Ethereum in just five days, pushing THORChain’s transaction volumes to record highs. According to blockchain analytics firm Spot On Chain,

Within a week, the Bybit hacker has laundered more than 50% of the stolen Ethereum worth up to $614 million. In the last 6 days, the hacker has washed 266,309 $ETH approximately worth $614 million. It makes up 53.

Dubai-based crypto exchange Bybit had recently become the victim of the world's largest-ever crypto theft worth $1.5 billion.