Hackers behind the record-breaking $1.4 billion cryptocurrency theft from Bybit have begun laundering the stolen funds. After stealing 401,346 Ethereum in February, the criminals converted most of it into Bitcoin, moving the funds across 4,400 addresses. Blockchain firms and the FBI suspect North Korea is responsible for the attack. During the laundering process, the hackers used THORSwap, a decentralized protocol, to obscure the origin of the funds.
Experts note that the operation’s speed and efficiency highlight the growing sophistication of North Korea’s money-laundering network. However, the second phase of the scheme involves using crypto mixers to further obscure the transaction trail, making it harder for investigators to trace the funds.
While only 90% of the stolen funds have been tracked, it remains unclear how much of it will be successfully converted into cash. Bybit has offered a $140 million bounty for information leading to the freezing of the funds, with $4.3 million already paid to bounty hunters. Investigators continue to monitor exchanges for potential frozen assets.
