In February 2025, hackers successfully laundered 499,000 ETH stolen from the ByBit cryptocurrency exchange, linked to North Korea.
Methods of ByBit Hackers
The laundering of stolen assets took 10 days, with THORChain as the main channel. Hackers used mixing techniques, instant swap services, and decentralized platforms without KYC requirements.
North Korean Involvement
The FBI tied the attack to North Korea, pointing to the TraderTraitor group. The attackers converted some ETH into Bitcoin and other cryptocurrencies. The assets were spread across thousands of addresses.
How the Hack Happened
The hack occurred during a routine transfer of Ethereum from an offline wallet to a 'warm' wallet. Attackers exploited security vulnerabilities. Bybit assured users their assets are safe.
ByBit is seeking to recover the stolen funds, offering a reward for information. The incident raises questions about North Korea's cyber operations.
