In a startling turn of events, in just ten days the hacker responsible for the Bybit exploit has laundered the whole $1.4 billion taken from the exchange. Currently consed as one of the largest bitcoin thefts in history, the attack happened on February 21.
Mostly traded through THORChain, a distributed exchange known for facilitating cross-chain swaps without centralized control, th pilfeof consistedoffer 500,000 ETH and other ERC-20 tokens. Blockchain security company Lookonchain claims the hacker effectively laundered all 499,395 ETH, presently worthtut $1.04 billion.
The Lazarus Group of North Korea Linked to aatattackvestigationsby many blockchain security companies, including Arkham Intelligence, North Korea’s infamous Lazarus Group has been identified as the mosmostmostmost likely offender behind the breach. The gang has been connected to several well-publicized crypto heists in the past since stolen money is sometimes used to support illegal operations. Recent penalties imposed by South Korean authorities on 15 North Koreans accused of funding their nuclear bomb program with cyber theft
Are any of the stolen monies recoverable?
Security experts think some of the pilfers can be recovered evthe bestith the best attempts to hide the flow of money. About 77% of the money is is still traceable, Bit CEO Ben Zhou revealed on March 4. But over $280 million seems to have been essentially buried, which complicates recovery operations.
Seeking to freeze any recoverable money, blockchain security companies are closely collaborating with exchanges and authorities and using AI-driven tracking tools. Expert in cybersecurity Deddy Lavid underlined rapid fast intervention is still essential for asset recovery even if cross-chain swaps and mixers complicate laundry.
Bybit Notes Losses and Maintaining Operations
Bybit has confirmed to users that their money is still safe even with the huge hack. After just three days following the attack, the exchange completely replaced the pilfered $1.4 billion in Ether and has been running without disturbance.
The case emphasizes the continuous fight between hackers and blockchain security professionals as crypto security companies hone their apThe episode underscores the need for stronger security policies in the bitcoin sector, despite the possibility of some theft.in sector.
