North Korean hacking group Lazarus laundered over $1 billion in cryptocurrency stolen from crypto exchange Bybit in less than two weeks. Experts have confirmed that most of the funds went through decentralized exchange THORChain, but some assets can still be traced.
Most analysts at Lookonchain, Nansen, and Arkham have documented that the hackers’ wallets, which previously held nearly 1.5 billion$, have been completely emptied; as of March 4, Bybit CEO Ben Zhou confirmed that 500,000 ETH and its derivatives were stolen. Analysts at Lookonchain, Nansen, and Arkham have documented the complete emptying of the hackers’ wallet, which previously held nearly 1.5 billion$. As of March 4, Bybit CEO Ben Zhou reported that of the 500,000 ETH and its derivatives stolen:
The Lazarus Group, which has ties to North Korea, is not the first group to commit large-scale cryptocurrency thefts. The latest incident is a continuation of their attacks aimed at financing the North Korean regime; Lazarus is known to use sophisticated money laundering schemes, including decentralized exchanges, peer-to-peer trading, and cryptocurrency exchange bypasses.
The next few weeks will be crucial for the freezing of money, as funds will begin to flow through centralized exchanges and over-the-counter services. Experts advise users to avoid unsafe platforms and check their trading addresses against blacklists.
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