24.02.2025 11:21
Recently, a record $1.46 billion worth of assets was stolen from the cryptocurrency exchange Bybit. The attack, attributed to the North Korean Lazarus Group, saw the stolen assets distributed across 50 different wallets. Although the exchange announced that it had secured all customer assets, there was curiosity about the whereabouts of the stolen funds. The fate of the stolen funds has now been revealed.
Dubai-based cryptocurrency exchange Bybit has fallen victim to the largest heist the crypto world has ever seen. According to a report by blockchain security firm Elliptic, approximately $1.46 billion worth of crypto assets were stolen, with the North Korean hacker group Lazarus suspected to be behind the attack. Bybit CEO Ben Zhou announced that customer assets are fully secured and all lost Ether has been compensated.
As Suspicions of North Korean Lazarus Group Rise, Bybit Secures Customer Assets
Dubai-based cryptocurrency exchange Bybit has been subjected to the largest cryptocurrency heist ever seen. Approximately $1.46 billion worth of crypto assets were stolen in the attack. This figure sets a new record, surpassing previous heists such as those of Poly Network and Ronin Network.
Leading blockchain security firm Elliptic claimed that the North Korean hacker group Lazarus was behind the attack. According to Elliptic's detailed report, the attackers used various methods to conceal the stolen assets. These methods included swap transactions with native blockchain assets like ETH, transfer chains between different crypto wallets, cross-chain bridges, and transactions conducted through decentralized exchanges.
In the first two hours of the attack, approximately $10,000 worth of ETH from the stolen funds was distributed to 50 different wallets. According to Elliptic's findings, these wallets are being systematically drained, and at least 10% of the stolen assets have been withdrawn from these wallets so far.
Bybit officials claimed that a significant portion of the stolen assets was swapped through the anonymous crypto exchange eXch. However, eXch firmly denied allegations that it provided money laundering services to North Korean hackers in a statement made on February 23.
According to findings by blockchain researcher ZachXBT, the Lazarus Group successfully laundered over $200 million in stolen cryptocurrency between 2020 and 2023. However, Chainalysis's recent report indicates a decrease in the use of crypto mixers by criminal organizations like Lazarus.
Bybit CEO Ben Zhou announced on February 24 that the $1.4 billion worth of Ether lost in the attack has been fully compensated and that they will soon publish a new audited proof of reserves report.