
ByBit Hack: 70% Of Stolen ETH Laundered, 156K Left
ByBit thieves have already laundered 70% of the 499,000 ETH stolen. The trial could be concluded in three days, while Circle is under indictment.
ByBit thieves have already laundered 70% of the 499,000 ETH stolen. The trial could be concluded in three days, while Circle is under indictment.
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In a new development, reports indicate that ByBit hackers are in the process of moving all the stolen Ethereum. The 499,000 ETH are worth $1.5 billion and, at the current rate, could be fully recycled within three days.
This situation emerges as Circle is criticised for not blocking wallets linked to the attack.
The Lazarus Group Intensifies Laundering
On 1 March, the North Korean group transferred 62,000 ETH worth $138 million. Currently, 156,500 ETH remain unlaundered.
EmberCN, a crypto investor who is monitoring the whole affair, said that the speed with which the funds are being moved suggests that the process could be over in a few days.
EmberCN wrote on X (formerly Twitter):
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The report also confirms TRM Labs' claim of increasing operational efficiency in this process.
According to TRM Labs, the group is leveraging cutting-edge technologies such as DEX exchanges, intermediary wallets and cross-chain bridges to move recycled ETHs. These tactics are making it difficult for regulators to track the stolen funds.
The FBI released a statement saying it has identified a North Korean hacker collective known as TraderTraitor, which played a key role in the infiltration of ByBit.
ByBit has announced a bounty programme worth $140 million for anyone who helps track down the hackers or stolen ETH. According to reports, the programme has so far distributed $4.2 million to 16 people who have contributed to the investigations.
Circle under indictment for delay in blocking wallets
The crypto company Circle is at the centre of criticism for delaying the blacklisting of wallets controlled by hackers. Blockchain researcher ZachXBT said the company took more than 24 hours to take action, giving hackers time to move funds.
ZachXBT also highlighted other incidents where Circle failed to block suspicious activity in a timely manner, such as the Nomad and Ledger Bridge breaches.
He also argued that Circle, as a key issuer of stablecoin, should take a more aggressive approach to blocking wallets instead of relying solely on law enforcement.
In response, Circle CEO Jeremy Allaire, said:
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