Lazarus Bridged $1.3B of Bybit ETH to Bitcoin
Contents
March 5, 2025
at
12:00 am
EST
MIN READ
The North Korean state-sponsored hacker group, Lazarus, has fully laundered the proceeds from the recent exploit of centralized exchange, Bybit’s ETH cold wallet, bridging 500,000 ETH (~$1.3B) tokens from Ethereum to native Bitcoin. The ETH was primarily bridged via the omni-chain liquidity layer, THORChain, which has processed over $5.5B in volume since the Bybit hack on 21st February. 72% of the proceeds were bridged via THORChain. Other laundering venus include THORChain frontend, AsgarDEX, and cryptocurrency exchange, eXch.
"Chain hopping" is a laundering technique where criminals rapidly swap stolen assets between different blockchains—in this case, from Ethereum to Bitcoin. By moving funds across incompatible networks, hackers aim to break the transaction trail that investigators follow. While public blockchains are transparent, tracing funds across different chains requires specialized tools, buying the attackers time to further obfuscate the money before it reaches its final destination.
Through processing the transfers, the THORChain …
at
12:00 am
EST
MIN READ
The North Korean state-sponsored hacker group, Lazarus, has fully laundered the proceeds from the recent exploit of centralized exchange, Bybit’s ETH cold wallet, bridging 500,000 ETH (~$1.3B) tokens from Ethereum to native Bitcoin. The ETH was primarily bridged via the omni-chain liquidity layer, THORChain, which has processed over $5.5B in volume since the Bybit hack on 21st February. 72% of the proceeds were bridged via THORChain. Other laundering venus include THORChain frontend, AsgarDEX, and cryptocurrency exchange, eXch.
"Chain hopping" is a laundering technique where criminals rapidly swap stolen assets between different blockchains—in this case, from Ethereum to Bitcoin. By moving funds across incompatible networks, hackers aim to break the transaction trail that investigators follow. While public blockchains are transparent, tracing funds across different chains requires specialized tools, buying the attackers time to further obfuscate the money before it reaches its final destination.
Through processing the transfers, the THORChain …