Bybit Hack: $400 Million Laundered in Days, Raising North Korea Concerns
Analysts warn that North Korea might be expanding its crypto operations. Over $400 million from Bybit’s $1.46 billion hack was laundered quickly. TRM Labs, a blockchain forensic firm, flagged this in a recent blog post.
The attackers moved nearly half a billion dollars in less than a week. Thay used various tactics like intermediary wallets, crypto swaps, and decentralized exchanges. This rapid laundering suggests North Korea has either expanded its money laundering infrastructure or underground networks have improved their capacity.
North Korean hackers usually use crypto mixers to hide stolen funds.However, the scale of the Bybit incident forced them to adopt new methods. they now use multiple wallets and decentralized platforms to obscure the trail.
Initially, some stolen Ethereum was sent through BNB Chain and Solana. Most of it has now been sent to the Bitcoin network. Despite the quick laundering, much of the Bitcoin remains untouched.Analysts believe the attackers are preparing for large-scale liquidation through OTC networks.
Bybit lost $1.46 billion in a multi-stage attack linked to Safe Wallet. The attackers reportedly compromised a Safe{wallet} developer’s device,tricking Bybit’s Safe wallet owner into signing a malicious transaction.
