Hackers linked to North Korea have successfully laundered at least $300 million from a massive $1.5 billion cryptocurrency theft that targeted the ByBit exchange, according to blockchain analysts. The heist, one of the largest in cryptocurrency history, has been attributed to the Lazarus Group, a cybercriminal organization accused of funding Pyongyang’s military and nuclear programs through illicit activities.
The attack occurred two weeks ago when the Lazarus Group infiltrated ByBit. Since then, investigators have been tracking the stolen digital assets in an effort to prevent their conversion into fiat currency. However, experts caution that the chances of recovering the full stolen amount are slim, with around 20% of the funds already “gone dark.”
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Dr. Tom Robinson, co-founder of blockchain intelligence firm Elliptic, emphasized the sophistication of the hackers, noting that they work quickly and efficiently to obscure the money trail. “They operate with extreme efficiency, likely working in shifts, and use advanced automated tools to launder the funds,” Robinson stated.
ByBit’s CEO, Ben Zhou, has responded by assuring customers that their funds are secure, as the exchange has replenished the stolen amount through investor loans. In addition, ByBit has declared a “war on Lazarus” by launching a bounty program to incentivize individuals and firms to track and freeze the stolen crypto. So far, $4 million has been paid out in rewards for recovering $40 million of the stolen funds, though authorities remain cautious about the likelihood of recovering the majority of the assets.
The Lazarus Group has been linked to several high-profile cryptocurrency heists in recent years, further raising concerns about North Korea’s growing cyber capabilities. Despite mounting evidence, Pyongyang continues to deny involvement with the group, and the chances of holding those responsible accountable remain slim.
