Hackers successfully laundered the entire 499,000 ETH stolen from ByBit cryptocurrency exchange. The process took just 10 days.
North Korean Involvement Confirmed
The FBI has officially linked the ByBit hack to North Korea. In a public announcement on February 26, 2025, it was stated that the TraderTraitor group was responsible for the heist. Stolen ETH was converted into Bitcoin and other cryptocurrencies.
How the Hack Happened
The hack occurred during a routine transfer of Ethereum from an offline wallet to a trading wallet. The attackers exploited security vulnerabilities and transferred the funds to an unknown address.
Efforts to Recover the Funds
ByBit is actively working to recover the stolen ETH, offering a 10% bounty on recovered funds. This attack heightened concerns over North Korean cyber operations targeting the crypto sector.
This incident highlights the importance of strengthening security measures in the crypto sphere and collaboration between public and private agencies in combating money laundering.
