Hackers have successfully laundered 499,000 ETH, stolen from the ByBit cryptocurrency exchange, worth $1.39 billion in just ten days. The platform THORChain played a key role in this process.
FBI Confirms North Korean Involvement
The FBI has officially linked the ByBit hack to North Korea. In a public announcement on February 26, 2025, the FBI confirmed that the TraderTraitor cyber actors were responsible for the heist, carried out on February 21, 2025. The agency reported that portions of the stolen ETH were converted into Bitcoin and other cryptocurrencies, with funds dispersed across thousands of addresses.
How the Hack Happened
Bybit confirmed that the hack occurred during a routine transfer of Ethereum from an offline wallet to a 'warm' wallet used for daily trading. The attackers exploited security vulnerabilities during the process, gaining access and transferring the funds to an unknown address.
Efforts to Recover the Stolen Funds
Bybit is actively working to recover the stolen ETH by seeking assistance from cybersecurity experts and blockchain transaction analysts. The company has offered a 10% bounty on any recovered funds, potentially amounting to $140 million.
The hack on ByBit highlights growing concerns over North Korean cyber operations targeting the crypto sector. While ByBit works to recover the stolen assets, international law enforcement and blockchain analytics platforms continue their efforts.
