North Korea’s alleged involvement in cryptocurrency laundering has sparked concerns among analysts, following the swift laundering of over $400 million from Bybit’s recent hack.

Bybit Hack Raises Concerns Over North Korea’s Money Laundering Operations

Analysts at blockchain forensic firm TRM Labs have raised red flags over the rapid laundering of funds from Bybit’s $1.46 billion hack. The attackers managed to move nearly half a billion dollars in less than a week, utilizing intermediary wallets, crypto swaps, decentralized exchanges, and cross-chain bridges to obscure the trail.

This rapid laundering suggests that North Korea has either expanded its money laundering infrastructure or that underground financial networks, particularly in China, have enhanced their capacity to absorb and process illicit funds.

Unconventional Methods Used by North Korean Hackers

Typically, North Korean hackers rely on crypto mixers to hide stolen funds before cashing out. However, the scale of the Bybit incident has forced them to adopt new methods. Instead of mixers, they are now using multiple wallets and decentralized platforms to obscure the money trail.

Initially, some stolen Ethereum was sent through BNB Chain and Solana. Now, most of it has been sent to the Bitcoin network. Despite the quick laundering, much of the Bitcoin remains untouched, suggesting the attackers are preparing for large-scale liquidation through OTC networks, the analysts suggest.

Tips for Protecting Your Cryptocurrency Assets

  • Use reputable and secure wallets to store your cryptocurrency assets.
  • Enable two-factor authentication to add an extra layer of security.
  • Be cautious of suspicious transactions and report any unusual activity to the relevant authorities.
  • Stay informed about the latest cryptocurrency trends and security measures.

Bybit lost $1.46 billion in a multi-stage attack, which security experts link to Safe Wallet. The attackers reportedly compromised a Safe{Wallet} developer’s device, tricking Bybit’s Safe wallet owner into signing a malicious transaction.

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