Bybit Hack: Stolen Funds Likely Moving to Crypto Mixers, Says Elliptic
February 24, 2025 – In a shocking cyberattack, Bybit, one of the world’s leading crypto exchanges, has suffered a $1.46 billion security breach. Blockchain analytics firm Elliptic now warns that the stolen funds are likely being funneled through crypto mixers, a common tactic used by cybercriminals to launder illicit assets.
Funds Being Moved Rapidly
Elliptic’s latest findings reveal that the stolen Ethereum (ETH) has already been distributed across 50 different wallets, with transactions suggesting an ongoing laundering operation. At least 10% of the funds have already been transferred, utilizing decentralized exchanges (DEXs) to swap stolen tokens for native assets, making them harder to track.
The next step? Crypto mixers. These platforms blend illicit funds with clean assets, obscuring transaction histories and making it nearly impossible to trace the source of stolen crypto. Given the massive scale of the Bybit hack, laundering this amount effectively will be a significant challenge.
Lazarus Group Suspected
Experts believe the hack bears the hallmarks of Lazarus Group, the North Korean cybercrime syndicate linked to previous record-breaking thefts, including the Axie Infinity Ronin Bridge and Harmony Horizon Bridge hacks. Stolen funds from these attacks have been linked to North Korea’s nuclear weapons program, making this breach not just a financial crime but a global security concern.
Bybit’s Response: Full Reimbursement & Proof-of-Reserves Audit
In response to the attack, Bybit’s CEO, Ben Zhou, has reassured users that the platform remains financially secure. Bybit has already fully reimbursed the stolen ETH and is set to release a new proof-of-reserves audit to confirm that all user funds remain fully backed on a 1:1 basis.
#BybitSecurityBreach #BybitHackFud