Lazarus Group Launders $138M in Bybit Hack Funds
Lazarus Group Continues Laundering of Bybit Hack Proceeds
North Korea's Lazarus Group, responsible for the February 21st Bybit hack, has continued its efforts to launder the stolen funds. A pseudonymous crypto analyst, EmberCN, reported that another 62,200 ETH (worth approximately $138 million) was moved on March 1st.
This latest transaction brings the total amount laundered to approximately 343,000 ETH, or 68.7% of the 499,000 ETH stolen in the $1.4 billion hack. EmberCN predicts that the remaining 156,500 ETH will be laundered within the next three days.
Increased Scrutiny and Law Enforcement Efforts
The recent laundering activity follows increased scrutiny from law enforcement and blockchain analytics firms. The FBI has publicly released 51 Ethereum addresses linked to the hackers, while Elliptic has identified over 11,000 potential wallet addresses. This intensified pressure has seemingly slowed the laundering process, as noted by EmberCN.
The FBI has called on crypto exchanges, bridges, and node operators to block transactions associated with the stolen funds. Several decentralized exchanges (DEXs) and cross-chain bridges, including THORChain, have been implicated in facilitating the movement of funds.
THORChain's Involvement and Controversy
THORChain, a cross-chain asset swap protocol, has faced significant criticism for its role in the laundering scheme. One developer, known as "Pluto," resigned from the project following a failed vote to block transactions linked to North Korean hackers. While THORChain's founder, John-Paul Thorbjornsen, claims no involvement with the protocol and that no sanctioned addresses have interacted with it, the controversy highlights the challenges of tracking and preventing illicit crypto transactions.
Codeum's Role in Blockchain Security
This incident underscores the critical need for robust blockchain security measures. At Codeum, we provide comprehensive security solutions for the blockchain industry, including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. Our services are designed to help projects mitigate risks and protect themselves from sophisticated attacks like the Bybit hack.
The Bybit hack serves as a stark reminder of the vulnerabilities within the crypto ecosystem. Proactive security measures are essential to safeguard assets and maintain trust within the blockchain industry.