China’s underground networks were ready for Bybit incident, analysts say

by

💸🔒 “North Korea’s Secret Laundry: $400M Gone in Days!”

China’s underground networks were ready for Bybit incident, analysts say

Oh, the audacity of North Korea’s hackers! 🤣 They managed to launder over $400 million from Bybit’s hack in just days, and now analysts are left wondering: what’s their next move? 😏

Over $400 million from Bybit’s $1.46 billion incident was washed clean in no time, with blockchain forensic firm TRM Labs sounding the alarm that North Korea may have expanded its money laundering operations. 🚨

In a Feb. 27 blog post, the analysts pointed out that Bybit’s attackers used intermediary wallets, crypto swaps, decentralized exchanges, and cross-chain bridges to cover their tracks. Talk about a digital smokescreen! 🌫️

“This rapid laundering suggests that North Korea has either expanded its money laundering infrastructure or that underground financial networks, particularly in China, have enhanced their capacity to absorb and process illicit funds.”

TRM Labs

Typically, North Korean hackers use crypto mixers to hide stolen funds, but the scale of the Bybit incident has forced them to get creative. Instead of mixers, they’re now using multiple wallets and decentralized platforms to obscure the money trail. It’s like they’re playing a game of digital hide-and-seek! 🎉

Initially, some stolen Ethereum was sent through BNB Chain and Solana, but now most of it has been sent to the Bitcoin network. And despite the quick laundering, much of the Bitcoin remains untouched, suggesting the attackers are preparing for large-scale liquidation through OTC networks. It’s like they’re saving up for a rainy day! ☔️

Bybit lost $1.46 billion in a multi-stage attack, which security experts link to Safe Wallet. The attackers reportedly compromised a Safe{Wallet} developer’s device, tricking Bybit’s Safe wallet owner into signing a malicious transaction. It’s like they outsmarted the system! 🤓

A graphic illustrating the flow of cryptocurrency.

Read More

2025-02-27 14:58