Bybit Hack Update: North Korea Moves to Next Stage of Laundering
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Bybit Hack Update: North Korea Moves to Next Stage of Laundering
On February 21, 2025, Bybit, one of the worldâs largest cryptocurrency exchanges, suffered an unprecedented cyberattack at the hands of North Korea, resulting in the theft of approximately USD 1.5 billion in Ethereum tokens. This event now stands as the largest exploit on record, surpassing previous high-profile exchange breaches and raising serious concerns about the increasing sophistication of cybercriminals.
Beyond the sheer scale of the Bybit hack, the speed at which the stolen funds are being laundered is particularly alarming. Within 48 hours, at least USD 160 million had been funneled through illicit channels, with TRM estimating that the total surpassed USD 200 million by February 23. By February 26, over USD 400 million had been moved, indicating an unprecedented level of operational efficiency.
Late in the day on March 3, 2025, the North Koreans finished the initial phase of laundering the …
On February 21, 2025, Bybit, one of the worldâs largest cryptocurrency exchanges, suffered an unprecedented cyberattack at the hands of North Korea, resulting in the theft of approximately USD 1.5 billion in Ethereum tokens. This event now stands as the largest exploit on record, surpassing previous high-profile exchange breaches and raising serious concerns about the increasing sophistication of cybercriminals.
Beyond the sheer scale of the Bybit hack, the speed at which the stolen funds are being laundered is particularly alarming. Within 48 hours, at least USD 160 million had been funneled through illicit channels, with TRM estimating that the total surpassed USD 200 million by February 23. By February 26, over USD 400 million had been moved, indicating an unprecedented level of operational efficiency.
Late in the day on March 3, 2025, the North Koreans finished the initial phase of laundering the …