Bybit Hackers Launder $335,000,000 in Ethereum (ETH) With ‘No Friction, No Risk’: Report

The perpetrators of the largest crypto heist in history have reportedly moved a large portion of the stolen funds without significant risks.

On February 21st, the crypto exchange ByBit suffered large losses when a malicious actor believed to be the North Korean government-backed Lazarus Group breached one of its Ethereum (ETH) cold wallets and siphoned tokens worth $1.4 billion.

According to the pseudonymous blockchain analyst EmberCN, the hackers moved 45,900 ETH ($113 million) in just 24 hours and, to date, already laundered 135,000 ETH ($335 million), or nearly a third of the looted funds.

EmberCN says it will not take long for the hackers to transfer the rest of the stolen assets.

“There are still 363,900 ETH ($900 million) in the Bybit hacker address. At the current rate, it will only take another 8 to 10 days to clean it up.”

Crypto security expert Tay Vano says the Lazarus Group managed to move the assets fast with “no friction and no risk” using the crypto exchange eXch.

“So 48 hours, a hundred million dollars has gone through eXch with no friction and no risk to the threat actors. The same goes for a lot of the DeFi protocols.

If you let North Korean hackers steal money from our industry and then launder it to the tune of $100 million in two days— $50 million a day, that is a problem for this industry. It is a problem for your protocol.”

 

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