Summary: One of the exploiters behind the huge Bybit hack attempted to clean their gains on Pump.fun but was quickly closed. Before being caught, they had already recorded over $26 million in volume trades through a memecoin called “QinShihuang (500000).”
Pump.fun isn’t messing around when it comes to stopping bad actors. The platform just shut down a hacker connected to the Bybit exchange hack, cutting off their attempt to move stolen funds through memecoin trading.
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Blockchain records show the hacker, using wallet 5STkQy…95T7Cq, sent 60 SOL to another wallet, which then launched the QinShihuang token on Pump.fun. It seems the plan was to use the speedy, high-volume memecoins space to clean the stolen funds. But Pump.fun got there ahead of them and froze them from releasing more tokens.
The hack was huge—more than 400,000 ETH worth about $1.5 billion was stolen from a cold wallet, making it one of the biggest exchange hacks in history.Despite the uncertainty, Bybit had promised customers that their funds were secure through its 1:1 reserve system. Trading and withdrawals continued uninterrupted, which meant that they were not going to allow a hacker to interfere with business.
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As exchanges like Pump.fun upped their security, the bad guys are starting to lose places to hide.
