Tag: Bybit

Bybit Hacker Launders $1.4B in Record Time, Security Experts Race to Recover Funds

Bybit’s hacker laundered $1.4B in 10 days via THORChain. Experts suspect Lazarus Group. Security firms still tracking stolen funds.



The hacker behind the biggest crypto theft ever just pulled off the impossible—laundering all $1.4 billion worth of stolen funds in just 10 days. The exploit, which happened on February 21, saw over 500,000 ETH vanish from Bybit. The attacker used THORChain, a decentralized exchange that allows seamless crypto swaps without centralized oversight.

Blockchain security firm Lookonchain confirmed that 499,395 ETH ($1.04B at today’s prices) has been fully laundered. The original theft was $1.4B, but due to Ethereum’s price drop from $2,839 to $2,067, the stolen funds’ value also decreased.

Experts believe North Korea’s Lazarus Group is behind the attack. South Korea even sanctioned 15 North Koreans for funding nuclear weapons through crypto hacks. Despite advanced laundering techniques, security firms think they might still track some stolen funds.

Bybit moved fast, replacing all $1.4B by February 24, assuring users that withdrawals remained unaffected. CEO Ben Zhou stated that 77% of the funds are still trackable, but over $280M is completely gone.

Crypto firms are now pushing for better security, with off-chain transaction validation emerging as a potential fix to stop future hacks before they happen.

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Bybit Hacker Moves $605M ETH—THORChain Under Fire as Crypto Heist Sparks Chaos

Bybit hacker launders $605M ETH via THORChain. FBI confirms Lazarus Group’s role. Devs quit, crackdown incoming, crypto world on edge.

The Bybit hacker is moving fast, already laundering $605M ETH (54% of stolen funds) through THORChain, a decentralized swap protocol now facing major heat. The $1.5B Bybit hack on Feb. 21 is officially the biggest crypto heist ever, with blockchain sleuths confirming North Korea’s Lazarus Group is behind it.

THORChain’s swap volume soared past $1B after the hack, but backlash came fast. A vote to block Lazarus-linked transactions got overturned, leading to core dev “Pluto” quitting and validator TCB threatening to leave if nothing changes.

Meanwhile, the FBI is stepping in, urging exchanges and validators to cut off Lazarus-linked wallets. But THORChain’s founder John-Paul Thorbjornsen says the protocol isn’t at fault, claiming no sanctioned wallets have interacted with it and blocking funds isn’t realistic.


The hacker remains with $514M ETH, and unless a change of circumstances occurs, they can continue sending money anonymously. This hack also points to an underlying issue—bad actors have the ability to take advantage of decentralized platforms since regulators are playing catch-up. Some fear that this will cause governments to squeeze the crypto tighter, especially privacy-focused platforms.

Crypto’s paying attention. Whatever happens next may reshape the landscape.

Also Read: Trade Anything, But Never Your Bitcoin – Michael Saylor

FBI Links North Korea to Record-Breaking $1.5 Billion ByBit Hack

Summary: The FBI blamed North Korea’s Lazarus Group for orchestrating the record $1.5 billion ByBit crypto exchange hack. The money was reportedly traded for Bitcoin and other cryptocurrency, with the potential that it will be laundered into fiat.

The FBI officially attributed the hacking of ByBit’s $1.5 billion cyber theft last month to North Korea’s Lazarus Group. In its official statement, the agency spelled out how pilfered assets were laundered through thousands of blockchain addresses by hackers, or “TraderTraitor.”.

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ByBit CEO Ben Zhou confirmed on X that the attack targeted the exchange’s ether cold wallet, leaving all other wallets unaffected and withdrawals functioning as usual. Despite the massive breach, the platform’s total assets remain at $5.3 billion.

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Crypto entrepreneur Mario Nawfal called the ByBit hack the largest crypto heist in history. With North Korean cyber threats escalating, global authorities are intensifying efforts to combat digital asset theft.

Bybit Secures Provisional Crypto License from Dubai’s VARA

Once labelled as unregulated, Bybit: the second largest cryptocurrency exchange by derivatives trading, has just been pre-approved for licensing by Dubai’s Virtual Asset Regulatory Authority (VARA). This non-operational license implies that Bybit will be able to perform activities in Dubai and provide services to both retail and institutional clients – the next step towards the company’s globalization.

On its part, Bybit’s Chief Operating Officer, Helen Liu noted that factors such as the strategic location of Dubai, free-spirited regulation, and commitment towards the establishment of a hub for innovation make Dubai a fertile ground for the success of Bybit. “Today, there are immense possibilities in the sphere of cryptocurrency for business and investors and it would be sufficient to name only Dubai in this regard,” she continued.

Bybit relocated its headquarters to Dubai at the start of 2022 and earlier this year expanded its partnership with the DMCC from an ecosystem partner to an adviser. The exchange is sill in a process of chasing operating license to the full.

Taking into account, the trading volume of Bybit has ten times more than $15. , ending the day in the second place behind Binance, its derivatives totaled $8 billion on September 16, thus further cementing its position in the global cryptosphere.

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