Blockchain investigator ZachXBT confirms Lazarus Group behind Bybit’s B hack, tracing stolen ETH through laundering networks. Experts warn of growing cyber threats. Blockchain investigator ZachXBT has confirmed that the Lazarus Group is responsible for the billion hack on Bybit. Arkham confirmed the discovery today. The evidence presented by ZachXBT consisted of demonstration transactions as well as account associations established before the attack. His submission included achievements both in forensic charting and timing evaluation. The team at Bybit employs this acquired information to carry out their investigation. Blockchain analyst Eric Wall stated that North Korean hackers will turn their stolen ERC20 tokens into Ethereum (ETH). The hackers need to complete an ETH to BTC
Topics:
Bilal Hassan considers the following as important: Bybit hack, Exchange News, Lazarus Group
This could be interesting, too:
Emily John writes Avalanche Foundation and Rain Launch Crypto Payment Card
Bilal Hassan writes SEC Drops Probe into Crypto Exchange Gemini
Bilal Hassan writes FBI Confirms North Korean Hackers Stole .5B from Bybit
Bilal Hassan writes Bybit Closes ETH Gap After Hack, New POR Report Coming Soon
Blockchain investigator ZachXBT confirms Lazarus Group behind Bybit’s $1B hack, tracing stolen ETH through laundering networks. Experts warn of growing cyber threats.
Blockchain investigator ZachXBT has confirmed that the Lazarus Group is responsible for the $1 billion hack on Bybit. Arkham confirmed the discovery today. The evidence presented by ZachXBT consisted of demonstration transactions as well as account associations established before the attack. His submission included achievements both in forensic charting and timing evaluation. The team at Bybit employs this acquired information to carry out their investigation.
Blockchain analyst Eric Wall stated that North Korean hackers will turn their stolen ERC20 tokens into Ethereum (ETH). The hackers need to complete an ETH to BTC exchange after their metamorphosis from ERC20 tokens. The hackers plan to convert Bitcoin into CNY at Asian exchanges through gradual transactions. The experts have concluded that these stolen resources will fund North Korea’s development of nuclear weapons and missile capabilities.
The attack group Lazarus Group demonstrates professional coordination during its previous cyberattack operations. The cybercriminals have access to sophisticated methods as well as meticulous planning backed by their government. The attack demonstrates that cybercriminals evolve their tactics through continuous development. The fight between cyber criminals and cryptocurrency operations shows no signs of slowing down. Numerous experts express concern about financial security threats that continue to grow worldwide.
Hackers Move 5,000 ETH, Launder Funds via eXch Mixer
ZachXBT discovered that the hackers made a 5,000 ETH transfer into a fresh wallet. After obtaining the stolen funds, they sent them through the eXch mixer system for laundering purposes. The hackers sent their funds to Bitcoin using Chainflip as their cross-chain bridge service following their Bitcoin port from eXch. The series of actions enabled them to obscure transaction visibility to remain undetected.
Bybit CEO Ben requests cross-chain bridge projects to establish procedures which would block and stop additional transfers of stolen assets. The company continues efforts alongside investigators to hunt down and retrieve the lost funds. Such advanced security breaches prove challenging to stop completely.
Crypto community members diligently observe the solutions Bybit will adopt to handle this crisis. The community believes additional security protocols should be established to stop potential future hacking attempts. Some people advocate for stronger government measures to combat cybercriminals. The Lazarus Group exists as one of the most important threatening elements within the cryptocurrency sphere.