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Lazarus used Thorchain as its main laundry platform, processing $5.9 billion through its network. Bibit has announced a $140 million bounty and has introduced the “Hack Bounty Program” to combat cyber threats.
North Korea’s infamous Lazarus group behind the reported Bybit Hacks has finished washing all 499,000 Ethereum stolen
ETH
$1 961
24-hour volatility:
0.9%
Market Cap:
$236.92 b
Vol. 24H:
$12.44 b
worth an incredible $13.9 billion. According to EMBERCN data, it took hackers only 10 days to move all of the stolen ETH to the blockchain.
Of course, Bybit Hacker was able to shuffle all the stolen funds using crypto mixers and distributed exchanges (DEX). Since the Bibit Hack, Ethereum (ETH) prices have already fallen 23%, crashing to the 2,780 level at a level ranging from $2,780 to $2,087.
Source: Embercn
North Korean province-backed hacker Lazarus Group Has reportedly used Thorchain as its main laundry platform. The group’s existence has been repeatedly denied by North Korea, reportedly led by Park Jin Hee-ok, a desire for the FBI.
The report suggests that Lazarus has washed $5.9 billion through Torcaine, and the platform has raised a total of $5.5 million in trading fees in the process. This makes it the largest cryptocurrency laundering operation ever recorded.
Bybit is seeking leads on stolen Ethereum
While stolen funds are nearly impossible to track, BYBIT co-founder Ben Zhou has announced that it will offer millions of rewards for any leads on stolen assets. However, Zhou also admitted that 77% of the stolen funds remained traceable, 20% are untraceable and 3% are frozen.
Additionally, 83% of the stolen assets have been converted to Bitcoin and spread across 6,954 wallets, complicating the recovery effort. Zhou further wrote:
“It won’t stop until Lazarus and the bad actors in the industry are eliminated. In the future, it will open up to other Lazarus victims.”
According to the Bybit Bounty System released by Zhou, they provide rewards for information that leads to recovery of assets stolen in recent hacks. Additionally, individuals who identify and report those linked to theft will earn 5% of the ciphers recovered. Similarly, exchanges or mixers that help you acquire funds will also earn 5%.
Crypto Exchange Bybit has individually declared an astounding $140 million, rewarding investigators for hacks. Additionally, CEO Ben Zhou has announced the formation of the “Hackbounty Program” to combat theft across the industry. Speaking about this, Zhou said:
“I agree with an incredible on-chain and real life, which could be a transformative moment for our industry if we do it right.
More about hacks
Following Bybit Hack on February 21, internal investigators discovered that hackers decipher smart contract logic, thereby hacking the transfer of funds. As a result, hacker managers moved over 400,000 ETH and STETH, and instead of being transferred to their desired hot wallet, they exceeded $1.5 billion in attacker-controlled mystery wallets.
Further investigation revealed that hackers violated AWS S3 and CloudFront-hosted cloud infrastructure safewallets, and one of their accounts has been compromised. The software provider also confirmed that hackers infect the developer’s system, thereby injecting malicious code into the system.
“A forensic review of targeted attacks by the Lazarus Group on Bibit concluded that the attack targeted Bibit Safe and was achieved through a compromised machinery by Safewallet developers, resulting in a malicious transaction proposal,” Safewallet said in its investigation report.
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Bhushan is a fintech enthusiast and has a good talent for understanding financial markets. His interest in economy and finance has attracted attention to new emerging blockchain technologies and cryptocurrency markets. He is constantly involved in the learning process and continues to motivate him by sharing the knowledge he has acquired. In his free time, he reads thriller fiction novels and sometimes explores his culinary skills.
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