News Summary
The Lazarus Group has laundered $138 million after hacking Bybit, moving 343,000 Ether. The FBI is tracking numerous crypto addresses linked to the hackers. The Bybit hack is one of the largest in the crypto sector, raising alarms over security in the industry.
The North Korean Lazarus Group Strikes Again: $138 Million Laundered After Bybit Hack
In a fresh twist to the ongoing saga of cybercrime, the notorious Lazarus Group from North Korea has successfully laundered a staggering 62,200 Ether, worth about $138 million, following their massive hack on the cryptocurrency exchange Bybit that took place on February 21. This event not only marks another chapter in their list of audacious cyber heists but also raises alarms across the crypto world.
What Happened After The Hack?
Since that infamous day, analysts have been busy tracking the illicit flow of stolen funds. According to a crypto analyst known by the pseudonym EmberCN, a total of 343,000 Ether has already been moved, which represents around 68.7% of the total 499,000 Ether stolen from Bybit. Just to put things in perspective, this percentage has seen a significant increase from 54% reported just a day earlier.
With only 156,500 Ether left to launder, EmberCN predicts that these funds are likely to be moved within a mere three days. This swift activity has raised eyebrows as cybersecurity professionals are continuing to trace the path of these funds. Unfortunately, the hackers still have a whopping $346 million worth of Ether left that needs to be cleaned.
FBI’s Ongoing Efforts and Red Flags
In a bid to clamp down on these cybercriminals, the FBI has identified 51 Ethereum addresses linked to the Bybit hackers, while blockchain analytics firm Elliptic has flagged over 11,000 crypto wallet addresses potentially connected to their operations. These investigations once again spotlight the pervasive issue of illicit activities in the cryptocurrency realm.
The hackers have been quite evasive, converting portions of the stolen Ether into Bitcoin, the Dai stablecoin, and other assets through decentralized exchanges and cross-chain bridges without following the Know Your Customer (KYC) protocols. This non-compliance has sparked debates within the community about the security weaknesses of these platforms.
THORChain Faces Backlash
Amid the fallout from the Bybit hack, the protocol THORChain, which facilitated some of the transfers, has come under fire. One developer, going by the name Pluto, has decided to step away from the protocol after a controversial vote regarding blocking North Korean-linked transactions was recently overturned. This decision creates uncertainty and raises further questions about how decentralized platforms manage their transactions.
The Scale of The Bybit Hack
The Bybit hack is considered one of the largest in the cryptocurrency domain, surpassing the $650 million Ronin bridge hack from March 2022. This incident significantly impacted the cryptocurrency market, causing major downturns and rattling investors’ confidence. As a result, Bitcoin’s value has dropped from previous highs of over $100,000.
Interestingly, North Korean state media has yet to address the hack or the FBI’s accusations regarding their involvement. In the past five years, reports suggest that North Korean hackers have amassed approximately $1.2 billion through similar heists to fund the regime’s nuclear ambitions amidst ongoing international sanctions.
Moving Forward: What’s Next?
In light of the fiasco, Bybit’s CEO has shared an announcement highlighting the FBI’s links to the hack and directing attention to a site that’s offering a staggering $140 million bounty for those who can help trace and freeze the stolen funds. Although Bybit has received regulatory approval from the UAE to continue its operations, it remains challenged by this high-stakes game of cat and mouse.
As events unfold, the focus remains on how regulatory measures and technological advancements can protect investors in the cannabis market from this wave of cybercrimes. As always, staying informed is crucial in this fast-paced and ever-evolving landscape of cryptocurrency.
Deeper Dive: News & Info About This Topic
- Reuters: FBI says North Korea was responsible for $1.5 billion Bybit hack
- Business Insider: North Korea behind Bybit crypto hack
- AP News: Bybit exchange hack linked to North Korea
- The Guardian: North Korea’s involvement in Bybit hack
- Tom’s Hardware: FBI identifies North Korea as source of Bybit hack
- Wikipedia: Cybercrime
- Google Search: Bybit hack
- Google Scholar: North Korea cybercrime
- Encyclopedia Britannica: Cybersecurity
- Google News: Bybit hack
Author: STAFF HERE BOSTON WRITER
BOSTON STAFF WRITER The BOSTON STAFF WRITER represents the experienced team at HEREBoston.com, your go-to source for actionable local news and information in Boston, Suffolk County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Boston Marathon, Head of the Charles Regatta, and Boston Harborfest. Our coverage extends to key organizations like the Greater Boston Chamber of Commerce and Associated Industries of Massachusetts, plus leading businesses in finance, biotech, and insurance that power the local economy such as Fidelity Investments, Biogen, and Liberty Mutual Insurance. As part of the broader HERE network, we provide comprehensive, credible insights into Massachusetts's dynamic landscape.
