Hackers laundered $1.39 billion of stolen crypto from ByBit using platforms like THORChain without KYC requirements.
Money Laundering Techniques
The laundering of 499,000 ETH took just ten days using mixing techniques, instant swap services, and decentralized platforms. THORChain was the primary channel, facilitating $5.9 billion in transactions and earning $5.5 million in fees.
North Korean Involvement
The FBI confirmed a link to North Korea's TraderTraitor group. Some stolen ETH was converted into Bitcoin and other cryptocurrencies, dispersed across thousands of addresses. The FBI calls for blocking transactions linked to hackers and has released a list of wallet addresses.
Investigation and Measures
The hack occurred during a transfer of Ethereum from a cold to a warm wallet at Bybit. Hackers exploited security vulnerabilities to access funds. Bybit collaborates with cybersecurity experts offering a bounty for asset recovery.
The ByBit exchange hack exemplifies North Korean cyber attacks on the crypto sector. Recovery efforts are ongoing, but the sophistication of laundering techniques poses challenges in asset tracing and recovery.
