The blockchain research firm Elliptic has reported that the Lazarus Group is laundering stolen cryptocurrency from the recent Bybit hack through the exchange eXch. Hackers made off with approximately $1.5 billion in Ethereum (ETH) and Lido Staked Ether (stETH) from Bybit, marking the largest crypto hack in history and potentially the biggest theft ever.
Elliptic, along with pseudonymous investigator ZachXBT and other researchers, attribute the exploit to the Lazarus Group, a North Korean cybercriminal organization known for targeting major crypto platforms. Elliptic’s analysis reveals that Lazarus typically launders funds by exchanging stolen tokens for Ethereum, as it cannot be frozen by a central authority.
The cybercriminal group then “layers” the stolen funds through various means to obscure the transaction trail. Elliptic notes that Lazarus is currently in the process of laundering the stolen assets through different services, including eXch, a cryptocurrency exchange that has reportedly facilitated the laundering of over $75 million in assets stolen from Bybit.
Despite Bybit’s requests to block these transactions, eXch has continued to facilitate the laundering process. Over the weekend, eXch denied accusations of laundering for Lazarus on the BitcoinTalk forum, stating that only a small portion of the stolen funds passed through their exchange.
Bybit’s CEO confirmed that the firm has restored all client assets affected by the hack and announced a full restoration of services. Subscribe to The Daily Hodl for email alerts and stay updated on the latest news in the crypto world.
