North Korea’s notorious hacking group, Lazarus, is intensifying efforts to launder the stolen cryptocurrency from Bybit, a leading crypto exchange. This incident is considered to be the largest crypto heist in history. The hackers were responsible for the $1.4 billion theft on February 21. Reportedly, they have been aggressively moving the stolen Ethereum despite efforts from law enforcement. On March 1, they transferred another 62,200 Ethereum (ETH) worth $138 million. This leaves them with just 156,500 Ethereum from the original stolen amount, according to blockchain researcher EmberCN. Lazarus Group Are Laundering at an Alarming Rate So far, the hackers have laundered about 343,000 ETH, which is 68.7% of the 499,000 ETH stolen. At this rate, analysts predict they will clear out the remaining funds within three days. The Federal Bureau of Investigation (FBI) also monitors the hackers’ activities. Last week, the Bureau officially linked the heist to North Korea in a public announcement. The agency referred to the operation as “TraderTraitor.” The attackers have spread the stolen funds across multiple addresses and converted them into Bitcoin (BTC) and other altcoins. FBI and Crypto Industry Works Together Against Lazarus Group The FBI is working with blockchain companies, crypto exchanges, and DeFi platforms to stop transactions linked to the Lazarus Group. They have shared wallet addresses connected to the hackers. Blockchain firm Elliptic has also identified over 11,000 suspicious addresses. However, the hackers still use decentralized exchanges, cross-chain bridges, and swap services that don’t need identity verification. Chainalysis reports that they also use crypto mixers to hide their tracks, making it harder for authorities to catch them. Lazarus Group Remains a Threat in the Crypto Industry Lazarus Group is known for its large number of cyber thefts. The criminals allegedly use the stolen money to help North Korea’s weapons programs. The group has taken millions from significant crypto exchanges. In late June, Alex Lab linked a $4M crypto hack to the notorious hacking group. In 2020, they attacked KuCoin and stole around $275 million. In 2022, the bad actors hacked the Ronin Network and withdrew over $625 million worth of crypto assets. That same year, they stole nearly $100 million from Harmony’s Horizon Bridge. Their ability to move such large amounts of money through the blockchain highlights weaknesses in crypto security. Authorities and blockchain firms are now working to close these gaps. However, it remains uncertain whether they can stop Lazarus before the funds are thoroughly laundered. The post Lazarus Group Moves Another $138M in Stolen Bybit Funds appeared first on TheCoinrise.com .
