Hackers launder most of Bybit’s stolen crypto worth $1.4B

Hackers, who have stolen about $ 1.5 billion in crypto exchange by cryptocurrency, have removed almost all the snatching earnings and converted them into Bitcoin, experts call in the first phase of the financing operation.

February 28, Bibit said that one of the organization’s wallets in the “sophisticated attack” As a result of theft of 401,346 EtheriumAt that time about $ 1.4 billion worth of dollars, the largest crypto theft in history and probably the largest heir to any kind. Blockchain observation agencies And the researcher, As well as FBIThe North Korean government has accused the government of being behind the hack.

According to Tom Robinson, co-founder and chief scientist Tom Robinson, the Crypto Monitoring Farm, who had stolen the Eotherium from the digital robbery, had stolen from dozens of crypto wallets since digital robbery; And Erie Redboard, a former federal prosecutor and senior treasury officer who is now the head of the global policy in TRM Labs, a blockchain observation agency.

Blockchain Monitoring Farm is the head of the National Protection Intelligence Department of Chainalisis, Andrew Fearman Techcunch that the company is looking for funds by stealing about 90%, “most of which have been converted [Bitcoin] And is being held at the ~ 4,400 address. “

The company says “the remaining 10% of the stolen funds are lost in the fee/frost/off-rampd.” Off-ramps Services that turn Crypto as cash.

North Korean hackers took steps to obscure the source of the stolen cryptocurrency between February 28 and March 2. According to the Redboard, most of the hackers are a decentralized protocol depending on the Thirswap that enables users to transmit resources across the blockchain “without the intermediary needs.” ”

Redbard said these laundering steps have shown an “unprecedented operational skill level” from hackers.

“This fast laundering indicates that North Korea has expanded its money-laundering infrastructure or especially underground financial networks have increased their ability to absorb and process illegal funds,” the Redboard said. “The scale and velocity of this operation presents new challenges for investigators, because the traditional anti-money laundering (AML) processes fight to keep up with the high amount of illegal transactions.”

At the same time, both the Redboard and Robinson said that it was just the beginning for hackers.

“They still have a way to benefit from these funds,” Robinson told TechCrunch.

The Redboard explained that, now, the second phase of the stolen funds “a preliminary traffic” has been submitted – now in Bitcoin – Mixers, which are designed to “create doubt in the tracing process” for investigators. Crypto Mixer (Or tumbler) is the service designed to fuzzy the source of someone’s cryptocurrency by mixing with other user funds.

“Until this moment, patience and wishing anyone can follow the flow of Bibet funds. Mixers, however, are the main obstacles for most investigators, “Robinson said.

The Redboard mentions, however, that the mixers usually get a few million to 10 million dollars volumes, so “these mixers can continue to absorb the amount of money in the game.”

In other words, when hackers have got a large, record-breaking amount from Bibit, it is not yet clear that it will be able to convert cash to cash.

However, according to Robinson, there is still hope to recover something.

The Redboard said, “Perhaps at least some of these funds will go through the exchange, where they may be potentially frosty,” said Redbird. “These exchanges are managing stolen assets that they are quickly aware that they are quickly aware of a question.”

After the hack, Bibit has offered a total of $ 140 million Anyone who can help find funds and froze them, a process that prevents someone else from accessing funds. The agency says they will pay 5% of the rescued funds “successfully frozen the entity” and 5% whom they first reported to the fund and operated them as a frost. As this article, Bibit has given a reward for only $ 4.3 million to the Hunter GraceThe

Bibit does not respond to any request for comment.