The recent massive hack of Bybit shed light on the sophisticated laundering methods allegedly linked to Solana and meme coin features.
Laundering Funds Through Mixers
The $1.4 billion Bybit breach initiated extensive laundering attempts. Analysts at Elliptic linked the attack to North Korea's Lazarus Group and suggested that the funds were spread across different wallets and exchanged to hide origins. Tools like mixers and cross-chain bridges are employed, with Tornado Cash potentially in the mix, despite the challenge of laundering such enormous sums. Since the attack on February 21, more than 10% of the funds have moved from their original wallets.
Bybit Replaces Stolen Funds
Bybit CEO Ben Zhou confirmed the full replacement of $1.4 billion in stolen assets through loans and purchases, achieving 1:1 asset parity for clients. This was facilitated through transactions with major investment firms and market participants. Bybit sustained normal operations amid this recovery, with $5.3 billion withdrawn by customers by February 22, underscoring its stability.
Bybit Hack's Solana Links
New evidence uncovered links between Bybit attacks and Solana meme coins. Analyst ZachXBT pointed to possible involvement of Lazarus Group in laundering through Pump.fun, with matched wallets also tied to Phemex hacks. The assets followed similar paths via Solana, correlating with increased meme coin scams and declining ecosystem activity.
The Bybit hack, interconnected with Solana, illustrates the complexity of modern crypto threats. Addressing security gaps might bolster blockchain resilience in the long run.
