Lazarus Strategy: How the Group Laundered Money After the Bybit Heist

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by Giorgi Kostiuk

2 years ago

The Lazarus Group employed a sophisticated strategy to launder funds following the gigantic hack of the Bybit cryptocurrency exchange. Their tactics included asset swaps, intermediary wallets, and funds sitting idle.

Lazarus Group's Asset Swapping

Following the Bybit hack, perpetrators converted at least $200 million in staked tokens into Ether (ETH), making the funds easier to move due to ETH's liquidity.

Creating a Complex Money Trail

To obscure tracking, the group used numerous intermediate wallets. According to Chainalysis, the funds were laundered through decentralized exchanges, cross-chain bridges, and instant swap services not requiring KYC verification.

Wait-and-See Strategy and Future Moves

A portion of the stolen funds, amounting to about $900 million, remains frozen. Lazarus is waiting for scrutiny to diminish before making further moves.

The $1.5 billion Bybit hack holds the title of the biggest crypto theft. The community remains committed to counteracting the evolving tactics of the Lazarus Group.

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