North Korean Bybit Hackers Close to Laundering $1.5 Billion in ETH

Reports indicate that the North Korean hackers involved in the Bybit cyber attack are fast approaching the final stages of laundering the stolen 499,000 ETH, which is valued at around $1.5 billion. The hackers have been moving significant amounts of ETH, with the most recent transfer of 62,200 ETH worth approximately $138 million on March 1. This latest transaction has brought the remaining unlaundered balance down to 156,500 ETH.

Crypto investigator EmberCN, who has been tracking the movements of the funds, suggests that at their current pace, the hackers could complete the laundering process within the next few days. EmberCN also noted that the hackers have displayed an efficient laundering strategy utilizing various tactics to obscure the trail of the stolen ETH.

Meanwhile, Bybit has taken proactive measures by launching a $140 million bounty program to reward individuals who assist in tracking and freezing the stolen assets. So far, several contributors have received significant rewards for their efforts.

In contrast, USDC stablecoin issuer Circle has faced criticism for allegedly delaying the blacklisting of wallets associated with the attack. Concerns have been raised about the company's response time and its reliance on law enforcement directives to take action.

Experts and analysts, including on-chain sleuth ZachXBT and security specialist Taylor Monahan, have voiced concerns over Circle's approach, urging the company to adopt a more proactive stance in blocking stolen funds promptly to prevent further illicit activities in the crypto space.

The ongoing situation underscores the challenges faced by cryptocurrency platforms and law enforcement agencies in combating cybercrime and safeguarding users' assets within the digital asset ecosystem.