North Korean Hackers Steal $1.46bn in Crypto from Bybit
North Korean hackers, known as 'TraderTraitor' or Lazarus, have stolen $1.46bn in cryptocurrency from Bybit exchange. The FBI confirmed their involvement and offered a 10% reward for recovered funds. The stolen assets are being dispersed across thousands of addresses on multiple blockchains to hinder recovery efforts.
The hackers, part of the Lazarus group, have sent the stolen funds to 50 different wallets within two hours of the heist. They are likely to route the funds through various channels to further confuse investigators. The 'TraderTraitor' group has started converting the stolen assets to Bitcoin and other virtual assets, dispersing them across thousands of addresses on multiple blockchains. The FBI has urged the crypto community to help block transactions involving addresses used by the group to launder the stolen assets.
The North Korean threat actors are currently in the second stage of a two-stage money laundering process. This stage involves 'layering' the stolen funds to obfuscate the transaction trail. The stolen assets are expected to be further laundered and eventually converted to fiat currency.
The FBI has published several public Ethereum addresses associated with the Lazarus group to help prevent the conversion of stolen cryptocurrencies into fiat money. The crypto community is urged to help block transactions involving these addresses. The North Korean hackers' activities highlight the need for increased vigilance and cooperation in the crypto community to combat such threats.
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