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The Biggest Crypto Heist of 2024?
A stunning revelation, on-chain statistics have now validated that North Korean hackers were able to successfully wash around 54% of the Ethereum (ETH) stolen from the crypto exchange Bybit. This is equal to about 270,000 ETH, which is worth an estimated $605 million.
How Did They Wash the Stolen Money?
To conceal the trail of the transaction, the hackers employed the decentralized cross-chain liquidity protocol, THORChain. The approach enabled them to transfer stolen money between various blockchains without being detected by conventional tracking tools.
THORChain’s decentralized feature gives users non-custodial swapping, implying that there is no central control to monitor or halt suspicious transactions. This has made it a desirable instrument for cybercriminals seeking to launder dirty money.
North Korea’s Ongoing Participation in Crypto Heists
The regime-sponsored hacking crews, including Lazarus Group, have been implicated in several major crypto heists over the last few years. They typically leverage these pilfered funds to support North Korea’s arms development and skirt international sanctions.
Despite heightened scrutiny and enhanced blockchain analysis tools, North Korean hackers are still developing new ways to evade security and transfer stolen assets undetected.
What’s Next for Bybit and Crypto Security?
With this recent attack, regulators and blockchain security companies are bound to intensify efforts in tracking and blocking illicit transactions. Exchanges and decentralized protocols could be required to have enhanced security controls in place to reduce the risks of cybercrime and money laundering.
As the investigations progress, the cryptocurrency community has to be careful to monitor stolen assets and provide for stronger security against such attacks in the future.
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