~snip
To OP, i don't know where you and that father lives. But depending on where you live, not reporting someone you know committing crime may cause legal trouble. Have you and him consider taking next action?
-snip-
It's beyond my power, there is nothing I can do about thing right now until if Bybit actually make a move, the exchange account is been blocked now so I believe they might not do anything.
What advice do you think is better if all this happened to your relative instead? I will like to know, because the amount isn't even worth the hassle, just my own thought and if eventually they decide to make a move he will face the consequences.
After all the talking and advising I don't see any signs of remorseful or regrets, I believe he doesn't regret his actions so I have made up my mind to not do anything if eventually he get arrested.
That's worrying because chances are that the Bybit won't make a move because of the little money involved, like you said, but if the child shows no remorse, he can continue committing crimes and, in the end, it can be worse.
What a complicated position for you, OP. I hope you the best solution for everyone in the end, whatever it is. Without knowing more details I do not dare to give an opinion beyond what has been already said.