Recent data indicates that part of the funds stolen in the Bybit hack has been transferred to decentralized platforms for conversion into DAI.
Bybit Hackers Convert ETH to DAI via DEX
Recent blockchain records reveal that a wallet receiving some of the Ether (ETH) stolen in the $1.4 billion Bybit hack on February 21 has interacted with platforms such as Sky (formerly MakerDAO), Uniswap, and OKX DEX. According to the copy trading platform LMK, the Bybit exploiter sent $3.64 million worth of ETH to one address, which was then used to swap ETH for Dai (DAI). Unlike centralized stablecoins like USDt and USD Coin, DAI cannot be frozen by a centralized issuer, making it an appealing asset for cybercriminals.
eXch Refuses to Freeze Bybit Hacked Funds
The Bybit exploiter appears to be splitting the DAI holdings into multiple addresses. Some funds have been directly deposited into the non-Know Your Customer cryptocurrency exchange eXch, while others have been swapped back to ETH. eXch has been at the center of controversy since the Bybit hack, as it remains an exchange that refuses to freeze funds related to the exploit, unlike other exchanges and protocols that have provided assistance to Bybit, including freezing addresses involved in the hack.
Lazarus Group Suspected in Attack
Onchain investigator ZachXBT has identified the North Korean state-sponsored hacking group Lazarus as the prime suspect in the Bybit hack. The investigator identified a common address used by the Bybit hacker in previous attacks on Phemex and BingX, both attributed to Lazarus. Most recently, these three exploits also share an address with the Poloniex attack.
The Bybit hack continues to draw attention as further details on the mediums used by hackers to transfer and swap funds unfold. The refusal of certain exchanges to aid in freezing funds underscores the importance of enhancing security measures in the crypto space.
