Catenaa, Wednesday, March 12, 2025- Hackers believed to be part of North Korea’s Lazarus Group have successfully laundered at least $300 million from the $1.5 billion stolen in a hack on crypto exchange ByBit two weeks ago.
Experts say the hackers are using sophisticated methods to hide the stolen funds and likely funneling them into North Korea’s military development.
Dr. Tom Robinson of Elliptic, a crypto-investigation firm, highlighted the expertise and relentless efforts of the group, working almost around the clock to obscure the money trail.
ByBit, which had been tricked into sending the stolen funds to the hackers by altering a wallet address, has since replenished the stolen assets and launched a bounty program to trace and freeze the stolen funds. However, with 20% of the stolen crypto already “gone dark,” recovery efforts are proving difficult.
The US and its allies accuse North Korea of orchestrating numerous hacks to fund its military programs. While some of the stolen funds have been recovered through public blockchain tracking, experts remain pessimistic about the full recovery of the remaining assets.
Additionally, crypto exchange eXch has been criticized for not halting the hackers’ cash-out, though its owner disputes these claims.
North Korea, long accused of cybercrimes, is believed to be the only nation using hacking for financial gain. The Lazarus Group has previously targeted crypto exchanges and banks, with several high-profile hacks in recent years.
