North Korea’s Lazarus Group Lurks: $138 Million in Stolen Ether Moved
Hackers Make Off with $346 Million More
North Korea’s Lazarus Group has laundered another 62,200 Ether, worth $138 million, from the February 21st Bybit hack, leaving only 156,500 left to be moved. This revelation comes from a pseudonymous crypto analyst, EmberCN, who notes that approximately 343,000 Ether of the 499,000 stolen has been moved. This equates to 68.7% of the stolen funds, up from 54% on February 28th.
US Federal Bureau of Investigation’s Efforts
The Lazarus Group’s laundering activities have slowed down in recent days, likely due to the US Federal Bureau of Investigation’s (FBI) efforts to block transactions linked to the Bybit hackers. The FBI has shared 51 Ethereum addresses operated by, or linked to, the Bybit hackers, while blockchain analytics firm Elliptic has flagged over 11,000 crypto wallet addresses possibly linked to them.
Crypto Exchanges and Node Operators Under Scrutiny
Crypto exchanges, bridges, and node operators have been called upon by the FBI to block transactions linked to the Bybit hackers. This has led to a significant slowdown in the laundering process, with the remaining 156,500 Ether left to be moved.
THORChain in the Spotlight
Crosschain asset swap protocol THORChain has been criticized for facilitating a significant share of transfers made by the North Korean hackers. In a recent development, one of THORChain’s developers, known as "Pluto," has announced that they will no longer contribute to the protocol after a vote to block North Korean hacker-linked transactions was reverted.
Conclusion
The $1.4 billion Bybit hack on February 21st was the largest exploit in the crypto industry, more than doubling losses from the $650 million Ronin bridge hack on March 23, 2022. The Lazarus Group’s ability to launder a significant portion of the stolen funds raises concerns about the effectiveness of law enforcement efforts to combat crypto crimes.
Frequently Asked Questions
- What is the current total amount of Ether stolen from the Bybit hack?
The total amount of Ether stolen is approximately 499,000, with 343,000 already laundered, leaving 156,500 left to be moved. - What is the current value of the stolen Ether?
The current value of the stolen Ether is approximately $346 million. - What is THORChain, and how is it related to the Bybit hack?
THORChain is a crosschain asset swap protocol that has been criticized for facilitating a significant share of transfers made by the North Korean hackers.
