bybit hack
Bybit Hackers Launder $335,000,000 in Ethereum (ETH) With ‘No Friction, No Risk’: Report
Published
2 weeks agoon
By
admin
The perpetrators of the largest crypto heist in history have reportedly moved a large portion of the stolen funds without significant risks.
On February 21st, the crypto exchange ByBit suffered large losses when a malicious actor believed to be the North Korean government-backed Lazarus Group breached one of its Ethereum (ETH) cold wallets and siphoned tokens worth $1.4 billion.
According to the pseudonymous blockchain analyst EmberCN, the hackers moved 45,900 ETH ($113 million) in just 24 hours and, to date, already laundered 135,000 ETH ($335 million), or nearly a third of the looted funds.
EmberCN says it will not take long for the hackers to transfer the rest of the stolen assets.
“There are still 363,900 ETH ($900 million) in the Bybit hacker address. At the current rate, it will only take another 8 to 10 days to clean it up.”
Crypto security expert Tay Vano says the Lazarus Group managed to move the assets fast with “no friction and no risk” using the crypto exchange eXch.
“So 48 hours, a hundred million dollars has gone through eXch with no friction and no risk to the threat actors. The same goes for a lot of the DeFi protocols.
If you let North Korean hackers steal money from our industry and then launder it to the tune of $100 million in two days— $50 million a day, that is a problem for this industry. It is a problem for your protocol.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Source link
You may like
Gold ETFs Inflow Takes Over BTC ETFs Amid Historic Rally
Toncoin in ‘great entry zone’ as Pavel Durov’s France exit fuels TON price rally
XRP $15 Breakout? Not A Far-Fetched Idea—Analysis
Here’s why the Toncoin price surge may be short-lived
Wells Fargo Sues JPMorgan Chase Over Soured $481,000,000 Loan, Says US Bank Aware Seller Had Inflated Income: Report
BTC Rebounds Ahead of FOMC, Macro Heat Over?
bybit hack
Elliptic Says Lazarus Group Using eXch To Launder Stolen Funds Despite Requests From Bybit To Block Transactions
Published
3 weeks agoon
February 25, 2025By
admin
The Lazarus Group has laundered stolen crypto from last week’s record-shattering Bybit hack through the exchange eXch, according to the blockchain research firm Elliptic.
Hackers looted nearly $1.5 billion worth of Ethereum (ETH) and Lido Staked Ether (stETH) from Bybit on Friday.
The attack represented the largest crypto hack ever and possibly the biggest heist in world history.
Elliptic, pseudonymous on-chain investigator ZachXBT and other researchers have pinned the exploit on the Lazarus Group, a prolific North Korean cybercriminal outfit known for numerous high-profile hacks on major crypto platforms.
In a new analysis, Elliptic notes that Lazarus’ money-laundering process typically follows the same steps. First, the group exchanges any stolen tokens for a native blockchain asset like Ethereum, because ETH can’t be frozen by a central authority.

Subsequently, the cybercriminal outfit “layers” the stolen funds through multiple wallets, exchanges, cross-chain bridges and crypto mixers to obfuscate the transaction trail.
Elliptic says that Lazarus is currently in the middle of the second step.
“Within two hours of the theft, the stolen funds were sent to 50 different wallets, each holding approximately 10,000 ETH. These are now being systematically emptied – as of 1pm UTC on February 24, 14.5% of the stolen assets (now worth $195 million) have been moved from these wallets.
Once moved out of these wallets, the funds are being laundered through various services, including DEXs (decentralized exchanges), cross-chain bridges and centralized exchanges.
However, one service has emerged as a major and willing facilitator of this laundering. eXch is a cryptocurrency exchange, notable for allowing its users to swap cryptoassets anonymously. This has led them to being used to exchange hundreds of millions of dollars in crypto assets derived from criminal activity, including multiple thefts perpetrated by North Korea. Despite attempting to conceal this activity, our analysis shows that since the hack, crypto assets stolen from Bybit worth over $75 million have been exchanged using eXch. Despite direct requests from Bybit, eXch has refused to block this activity.”
Over the weekend, eXch took to the BitcoinTalk forum to deny claims it was laundering crypto for Lazarus, though it did cop to processing an “insignificant” portion of the stolen Bybit funds.
“1. eXch is NOT laundering money for Lazarus/DPRK (North Korea).
2. The insignificant portion of funds from the ByBit hack eventually entered our address 0xf1da173228fcf015f43f3ea15abbb51f0d8f1123 which was an isolated case and the only part processed by our exchange, fees from which we will be donated for the public good.
3. Any claims by ZachXBT and others on Twitter regarding transactions not related to 0xf1da173228fcf015f43f3ea15abbb51f0d8f1123 that are falsely attributed to eXch are a targeted FUD attack on our exchange.”
Bybit CEO Ben Zhou says the firm has restored a 1:1 backing on all client assets after the record-setting hack, and the Dubai-based exchange announced a full restoration of services on Saturday.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Source link
Breaking News Ticker
North Korean Lazarus Group Identified As Culprit In Bybit’s Historic $1.5 Billion Hack
Published
3 weeks agoon
February 21, 2025By
admin
In a significant blow to the cryptocurrency industry, Bybit, one of the leading crypto exchanges, has confirmed a major security breach involving its Ethereum cold wallet.
The incident, reported on Friday by Bitcoinist, marks one of the largest cryptocurrency hacks in history, with losses estimated at over $1.5 billion.
Bybit Hack Linked To North Korea’s Lazarus Group
According to Bybit, the breach occurred during a transfer from their ETH multisig cold wallet to a warm wallet. The exchange revealed on social media platform X (formerly Twitter) that the attack was executed through a “sophisticated manipulation” of the transaction process.
This manipulation allowed the hacker to mask the signing interface, which displayed the correct wallet address while altering the underlying smart contract logic.
Subsequently, on-chain market intelligence firm Arkham Intelligence revealed that crypto sleuth ZachXBT has provided compelling evidence linking the hack to the notorious Lazarus Group, a North Korea-backed hacker organization.
In his detailed analysis, ZachXBT reportedly submitted findings that included test transactions, associated wallets, forensic charts, and timing analyses. This information has been shared with Bybit to assist in its ongoing investigation.
$1.44 Billion In Misappropriated Assets
The scale of the breach is staggering. Estimates suggest that approximately 401,347 ETH, valued at around $1.12 billion, were withdrawn.
Additionally, other assets lost in the hack include 90,376 stETH worth $253.16 million, 15,000 cmETH valued at $44.13 million, and 8,000 mETH totaling $23 million. The total estimated loss stands at approximately $1.44 billion.
In light of this incident, Bybit has activated its security team and is collaborating with leading blockchain forensic experts to conduct a thorough investigation.
The exchange has also reached out to other teams with expertise in blockchain analytics and fund recovery, inviting them to assist in tracing the misappropriated assets.
It remains to be seen what further action Bybit will take with the information provided by ZachXBT and how the case will unfold regarding the misappropriated customer funds.
As for ETH’s price, the second largest cryptocurrency on the market has seen a 4% retracement towards $2,640 just hours after the security breach.
Featured image from DALL-E, chart from TradingView.com
Source link

Gold ETFs Inflow Takes Over BTC ETFs Amid Historic Rally

Toncoin in ‘great entry zone’ as Pavel Durov’s France exit fuels TON price rally

XRP $15 Breakout? Not A Far-Fetched Idea—Analysis

Here’s why the Toncoin price surge may be short-lived

Wells Fargo Sues JPMorgan Chase Over Soured $481,000,000 Loan, Says US Bank Aware Seller Had Inflated Income: Report

BTC Rebounds Ahead of FOMC, Macro Heat Over?

Solana Meme Coin Sent New JellyJelly App Off to a Sweet Start, Founder Says

Toncoin open interest soars 67% after Pavel Durov departs France

Coinbase (COIN) Stock Decline Can’t Stop Highly Leveraged Long ETF Rollouts

Telegram founder Pavel Durov leaves France, Toncoin surges

Ethereum Cost Basis Data Signals Strong Support At $1,886

Solana Cofounder Advocates For Decisive Governance As SIMD-228 Proposal Fails

Layer-1 Project MultiversX Continues To Top the Crypto Gaming Sector in Terms of Development Activity: Santiment

Kaito AI and founder Yu Hu’s X social media accounts hacked

Which AI Actually Is the Best at ‘Being Human?’

Arthur Hayes, Murad’s Prediction For Meme Coins, AI & DeFi Coins For 2025

Expert Sees Bitcoin Dipping To $50K While Bullish Signs Persist

Aptos Leverages Chainlink To Enhance Scalability and Data Access

Bitcoin Could Rally to $80,000 on the Eve of US Elections

Sonic Now ‘Golden Standard’ of Layer-2s After Scaling Transactions to 16,000+ per Second, Says Andre Cronje

Institutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals

Crypto’s Big Trump Gamble Is Risky

Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500x

Has The Bitcoin Price Already Peaked?

A16z-backed Espresso announces mainnet launch of core product

Xmas Altcoin Rally Insights by BNM Agent I

Blockchain groups challenge new broker reporting rule

Trump’s Coin Is About As Revolutionary As OneCoin

Ripple Vs. SEC, Shiba Inu, US Elections Steal Spotlight

Is $200,000 a Realistic Bitcoin Price Target for This Cycle?
Trending
- 24/7 Cryptocurrency News4 months ago
Arthur Hayes, Murad’s Prediction For Meme Coins, AI & DeFi Coins For 2025
- Bitcoin2 months ago
Expert Sees Bitcoin Dipping To $50K While Bullish Signs Persist
- 24/7 Cryptocurrency News2 months ago
Aptos Leverages Chainlink To Enhance Scalability and Data Access
- Bitcoin4 months ago
Bitcoin Could Rally to $80,000 on the Eve of US Elections
- Altcoins2 months ago
Sonic Now ‘Golden Standard’ of Layer-2s After Scaling Transactions to 16,000+ per Second, Says Andre Cronje
- Bitcoin4 months ago
Institutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals
- Opinion4 months ago
Crypto’s Big Trump Gamble Is Risky
- Price analysis4 months ago
Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500x