An artistic interpretation of the ongoing cybercrime threat posed by the Lazarus Group against cryptocurrency exchanges.
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.
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.
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.
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.
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 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.
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.
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