The notorious North Korean hacking group behind the Bybit breach is on the verge of laundering the last chunk of stolen Ethereum. Out of the staggering 449,000 ETH (worth approximately $1.5 billion) they swiped from the exchange, only 156,500 ETH remains to be cleaned. And at their current pace, that could be done in just three days.
The Fast-Track Crypto Laundering Process
Blockchain analysts have been closely monitoring the hackers’ activity, and the latest reports indicate that the criminals moved another 62,200 ETH (valued at $138 million) on March 1st. According to data from EmberCN, a crypto analytics expert tracking Lazarus Group transactions, the end of this laundering operation is in sight.
“Since resuming their laundering efforts at 3:00 PM yesterday, they have processed another 62,200 ETH. Out of the 499,000 ETH stolen from Bybit, only 156,500 ETH remains untouched. At this rate, the entire amount could be fully laundered within three days,” the analyst stated on X (formerly Twitter).
How Are They Getting Away With It?
One reason these hackers are moving funds so swiftly is their sophisticated strategy. Experts from TRM Labs have highlighted their “unprecedented level of operational efficiency,” making it incredibly difficult for authorities to intercept the stolen assets.
The group is leveraging decentralized exchanges (DEXs) and cross-chain bridges to obscure the transaction trail. This tactic scatters the funds across multiple networks, making it nearly impossible for blockchain investigators to track and freeze the stolen Ethereum before it disappears into the cyber shadows.
The Bybit Hack: One of the Largest in Crypto History
The security breach occurred on February 21st, when hackers drained approximately $1.5 billion from Bybit’s hot wallets. From the get-go, investigations pointed towards North Korean cybercriminals, and by February 27th, the U.S. Federal Bureau of Investigation (FBI) confirmed that the attack was carried out by the infamous TraderTraitor group, a faction within North Korea’s Lazarus Group.
Bybit has since taken swift action, offering a $140 million bounty for any assistance in tracking and freezing the stolen assets. So far, 16 individuals have received a combined $4.2 million in rewards for their contributions to recovering lost funds.
Despite these efforts, time is running out. If the hackers manage to complete their laundering operation, retrieving the funds will become significantly more challenging. The crypto industry, regulators, and cybersecurity experts are now racing against the clock to prevent these stolen billions from being lost forever.