Experts note that this is just the first step for the alleged North Korean hackers to profit from the historic heist. © 2024 TechCrunch. All rights reserved. For personal use only.
The Bybit crypto exchange was targeted in a massive hack, resulting in the theft of approximately $1.4 billion worth of Ethereum. The stolen funds were quickly moved and laundered, with most converted into Bitcoin using decentralized protocols like THORSwap to obscure their origins. This operation, involving North Korean hackers, marks one of the largest cryptocurrency thefts in history. Bybit has offered a $140 million bounty to track and recover the stolen assets. The stolen Bitcoin is spread across around 4,400 addresses, with only a small portion potentially lost or converted to cash. The incident highlights the challenges in combating sophisticated crypto laundering operations.
