Bybit hacker launders 100% of stolen $1.4B crypto in 10 days

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The Bybit hacker has laundered $1.04 cardinal successful stolen funds successful conscionable 10 days, but information firms judge immoderate assets whitethorn inactive beryllium recoverable done blockchain tracing.

Bybit hacker launders 100% of stolen $1.4B crypto successful 10 days

The Bybit exploiter has laundered 100% of the stolen funds aft staging the biggest hack successful crypto history, but immoderate of the funds whitethorn inactive beryllium recoverable by blockchain information experts.

On Feb. 21, Bybit was hacked for over $1.4 billion worthy of liquid-staked Ether (STETH), Mantle Staked ETH (mETH) and different ERC-20 tokens, resulting successful the largest crypto theft successful history.

The hacker has since moved each 500,000 stolen Ether (ETH), present valued astatine astir $1.04 billion, chiefly done the decentralized crosschain protocol THORChain, blockchain information steadfast Lookonchain reported successful a March 4 station connected X:

“The #Bybit hacker has laundered each the stolen 499,395 $ETH($1.04B currently), chiefly done #THORChain.”

North Korea’s Lazarus Group has converted the stolen proceeds contempt being identified arsenic the main culprit down the onslaught by aggregate blockchain analytics firms, including Arkham Intelligence.

The quality comes implicit 2 months aft South Korean authorities sanctioned 15 North Koreans for allegedly generating funds for North Korea’s atomic weapons improvement programme done cryptocurrency heist and cyber theft.

Still, blockchain information experts are hopeful that a tiny information of these funds tin beryllium frozen and recovered by the Bybit.

Some of Bybit’s stolen funds whitethorn beryllium recoverable

Some of the laundered funds whitethorn inactive beryllium traceable contempt the plus swaps, according to Deddy Lavid, co-founder and CEO of blockchain information steadfast Cyvers:

“While laundering done mixers and cross-chain swaps complicates recovery, cybersecurity firms leveraging on-chain intelligence, AI-driven models, and collaboration with exchanges and regulators inactive person tiny opportunities to hint and perchance frost assets.”

“Rapid effect is cardinal erstwhile funds are profoundly obfuscated, betterment becomes importantly harder. The main stolen money prevention is chiefly earlier oregon during the hack,” helium added.

On March 4, Bybit CEO Ben Zhou confirmed that astir 77% of the funds were traceable, but implicit $280 cardinal of the stolen funds “has gone dark,” portion 3% of the funds person been frozen.

Bybit has continued to grant lawsuit withdrawals and had afloat replaced the stolen $1.4 cardinal successful Ether by Feb. 24, conscionable 3 days aft the attack.

Crypto information firms similar Cyvers are moving connected pre-emptive measures to combat aboriginal attacks.

An emerging solution, known arsenic offchain transaction validation, could prevent 99% of each crypto hacks and scams by preemptively simulating and validating blockchain transactions successful an offchain environment, Michael Pearl, vice president of GTM strategy astatine Cyvers, told Cointelegraph.