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

According to Bybit's holdings, that amounts to $1.5 billion in cryptocurrency that was stolen from Bybit and its customers, making this the largest ever cryptocurrency theft. However, as Molly White of Web3IsGoingGreat points out, the hacker can't exactly cash out $1.5 billion in Ethereum, because an amount that high would crash the value of ETH.

Last week, hackers believed to be from North Korea's notorious Lazarus Group stole $1.46bn (£1.1bn) of cryptocurrency from ByBit, a crypto trading platform. The criminals are trying to rapidly cash out the hoard through a complex online money laundering process.