Hackers successfully laundered 499,000 ETH stolen from ByBit using THORChain and other platforms.
North Korean Involvement Confirmed
The FBI linked the ByBit hack to North Korea, confirming TraderTraitor cyber groups were responsible. Hackers converted some of the funds into other cryptocurrencies and spread them across thousands of addresses.
How the Hack Happened
The hack occurred during a transfer of Ethereum from a cold wallet to a warm wallet for trading. Security vulnerabilities allowed hackers to access and transfer the funds to an unknown address.
THORChain played a major role. This led to controversy within the THORChain community, with one core developer resigning over concerns.
Efforts to Recover Stolen Funds
Bybit is actively working on recovering the stolen ETH and offers a 10% bounty for the recovery.
This incident highlights the increasing risk of cyber attacks on cryptocurrency platforms and the need for enhanced security measures.
