The notorious North Korean Hackers group Lazarus Group struck at the end of February with a huge hack. In just 10 days, the cyber criminals managed to lock no less than 499,000 Ethereum (ETH), with a value of almost $ 1.5 billion, via crypto mixers and decentralized exchanges (DEXS). As a result, a considerable part of the money has almost become untraceable.
THORChain als witwasmachine
According to an X post from Blockchain analysis platform Embercn, the Lazarus Group mainly used Thorchain as their favorite money laundering route. Via this network, the hackers including other stolen funds managed to lock no less than $ 5.9 billion in crypto. This makes this officially the largest registered crypto-money operation ever, a bizarre milestone in the world of cyber crime.
Thorchain benefits greatly from its role in facilitating anonymous transactions. At the Lazarus Group Hack alone, the Platform $ 5.5 million in transaction costs up, purely by processing the stolen funds. But how exactly does that work?
The secret is in the decentralized liquidity pools of Thorchain. Users can swap crypto between different block chains here without KYC Verification (Know Your Customer). This makes it a paradise for cyber criminals who can easily convert and move huge amounts of stolen crypto stolen without leaving a trail.
Treasure hunt in full swing
Bybit does not allow it to sit here and do everything to find the stolen funds. The platform has a huge reward of $ 140 million for tips that help in detecting the perpetrators. CEO Ben Zhou emphasizes that there is still hope: 77% of the stolen crypto is still traceable, although 20% have disappeared without a trace and 3% frozen.
As part of the new “Hackbounty program”, Bybit rewards not only tips about the perpetrators, but also blockchain analysts and exchanges that help find the funds. Both investigators and platforms can get 5% of the recovered crypto.
Impact on the Ethereum course
At the moment there is a lot of uncertainty about Ethereum. Since the Bybit Hack, the race has taken a big blow and almost 25% has fallen.
Although the hack has certainly had an impact on the race, the trading war unleashed, in particular by Donald Trump, has pushed the course down.
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Source: https://newsbit.nl/bybit-hackers-cashen-in-15-miljard-aan-gestolen-ethereum-witgewassen/
