$ETH $BTC $THOR
#CryptoHeist #Bybit #NorthKoreanHackers #Ethereum #Bitcoin #BlockchainSecurity #CryptoMixers #WasabiMixer #Thorchain #CryptoTheft #CyberSecurity #DecentralizedFinance
In a dramatic event that has sent shockwaves through the cryptocurrency community, Bybit, a prominent crypto exchange, disclosed significant updates on a massive hack, believed to be perpetrated by North Korean hackers. This hack is part of an unparalleled $1.5 billion crypto heist, with the thieves converting a whopping $300 million into funds that are now beyond recovery. The CEO of Bybit, Ben Zhou, via a post on the social media platform X (previously known as Twitter), provided a thorough briefing on this dire situation. The report titled “4.21.25 Executive Summary on Hacked Funds,” reveals that the total stolen funds are around $1.4 billion, predominantly consisting of 500,000 Ethereum (ETH). According to Zhou, while 68.57% of these stolen assets remain traceable, 27.59% have become untraceable and likely lost, with an additional 3.84% being frozen, hinting at possible interventions by law enforcement or regulatory bodies.
The lost funds mainly vanished into crypto mixers, which are notorious for blurring the origins of cryptocurrencies, subsequently crossing over to peer-to-peer (P2P) and over-the-counter (OTC) platforms. Specifically, Wasabi Mixer, known to be connected to the Democratic People’s Republic of Korea (DPRK), has been pinpointed in the laundering process of the stolen funds. Following the trail, Zhou disclosed that a certain volume of Bitcoin (BTC) laundered through Wasabi Mixer entered other mixing services like CryptoMixer, Tornado Cash, and Railgun. Moreover, the hackers are reported to have leveraged a series of cross-chain and swap services to move the assets, including but not limited to Thorchain, eXch, Lombard, LiFi, Stargate, and SunSwap. These maneuvers facilitated the transference of funds to OTC or P2P fiat currency exchange services, enabling the conversion of the cryptocurrencies into traditional currencies anonymously.
Further dissecting the movement of stolen assets, Zhou enlightened that a substantial portion of the Ethereum stolen was converted into Bitcoin through Thorchain. Approximately 84.45% of the total Ethereum, equating to 432,748 ETH valued at around $1.21 billion, was exchanged for Bitcoin. This conversion resulted in 342,975 ETH, roughly equivalent to $960.33 million, being changed into 10,003 BTC, spread across 35,772 wallets. Zhou’s update throws light on the sophisticated strategies employed by the hackers to disguise and distribute the stolen funds across different blockchain networks and wallets, illustrating the complex challenges law enforcement faces in tracing and recovering such assets.
This monumental hack not only accentuates the inventive methods employed by cybercriminals but also highlights the vulnerabilities within cryptocurrency exchanges and the broader ecosystem. Bybit, in response, has initiated an agnostic investigation, yielding 5,443 bounty reports within the last 60 days, with 70 confirmed as valid. Zhou calls for increased community engagement and specialist assistance in unravelling the intricate web woven by the mixers and in tracking down the untraceable funds. The Bybit hack serves as a stark reminder of the persistent security risks in the digital finance space, emphasizing the need for advanced protective measures and collaborative efforts to fortify the cryptocurrency environment against such formidable threats.
