Crypto Chaos: Bybit Hackers Are Mixing It Up! 💸😱

by

So, here we are, folks. A blockchain security firm has just dropped the bombshell that those sneaky hackers from Bybit are on the move! They’re shuffling stolen funds like it’s a game of musical chairs, trying to turn their ill-gotten gains into Bitcoin. Why? Because who doesn’t love a good transaction trail that’s as clear as mud? 🙄

According to Elliptic, these hackers, who go by the oh-so-creative name of the Lazarus Group (seriously, guys, get a new PR team), are based in North Korea. They’re apparently trying to launder their loot using crypto mixers. You know, because nothing says “I’m innocent” like mixing your dirty money with a bunch of other dirty money. Genius! 🤦‍♂️

Bybit Hackers On The Move

Elliptic claims that a whopping $1.4 billion in stolen digital assets is currently being whisked away to crypto mixers. It’s like a heist movie, but without the charm and with a lot more digital wallets. The authorities? Yeah, they’re just sitting there, scratching their heads. Good luck with that! 😏

“If previous laundering patterns are followed, we might expect to see the use of mixers next,” Elliptic said. Well, no kidding! What’s next? A tutorial on how to rob a bank? 🙃

They’re attributing this multi-billion-dollar fiasco to the Lazarus Group. I mean, who else would it be? The Easter Bunny? 🐰

But here’s the kicker: Elliptic thinks that laundering all this crypto might be a bit too much for our North Korean friends. You know, because moving billions without leaving a trace is just a walk in the park. Good luck with that, guys! 😂

“North Korea’s Lazarus Group is the most sophisticated and well-resourced launderer of crypto assets in existence,” Elliptic noted. Well, that’s comforting. At least they’re good at something! 🙄

The Laundering Process

Elliptic explains that the Lazarus Group has a classic laundering process. First, they exchange stolen tokens for a “native” blockchain asset like Ether. Why? Because tokens have issuers who can freeze wallets. And who wants that? Not these guys! 🙈

In the Bybit heist, this first step happened faster than you can say “crypto crash.” Elliptic reported that “hundreds of millions of dollars in stolen tokens like stETH and cmETH were exchanged for Ether.” Talk about a quick getaway! 🏃‍♂️💨

The hackers used decentralized exchanges (DEXs) to pull this off. Smart move! Who needs a centralized exchange when you can just dance around the rules? 💃

Now, the second step in their grand plan is to “layer” the stolen funds. It’s like a lasagna of crime! The transparency of blockchains means that tracing these transactions is like trying to find a needle in a haystack. But hey, they’re buying time, right? ⏳

“The layering can be done in several ways,” the security firm noted. Oh, really? I thought they were just going to throw it all in a blender! 😂

Elliptic says these North Korean hackers are currently in the layering stage, sending stolen funds to 50 different wallets within two hours after the heist. Each wallet holds about 10,000 ETH. That’s a lot of wallets! 👜

“As of 10pm UTC on February 23, 10% of the stolen assets (now worth $140 million) have been moved from these wallets.” So, they’re systematically emptying them out. It’s like a yard sale, but for stolen crypto! 🤑

Reports say that an estimated $1.46 billion of digital assets were stolen from Bybit on February 21, 2025. Investigators think malware was used to trick the exchange into approving

Read More

2025-02-25 14:43