Massive Crypto Heist Update
The hackers behind the biggest crypto heist ever – the February 21st theft of $1.4 billion in Ethereum from Bybit – are quickly and easily laundering the stolen funds. Blockchain analyst EmberCN reports that they’ve already moved a whopping $335 million worth of ETH. That’s nearly a third of the total loot!
Laundering Made Easy
EmberCN estimates the hackers will clean the remaining $900 million in just another week or two, at the current rate. Security expert Tay Vano points to the ease with which the hackers, suspected to be the North Korean Lazarus Group, are operating. They’re using the exchange eXch to move massive amounts of money with seemingly no obstacles or risks. Vano highlights the alarming speed and efficiency of the laundering process, emphasizing the significant problem this poses for the entire crypto industry. The fact that $100 million was laundered in just 48 hours is a serious red flag.
The Problem with Easy Money Laundering
The ease with which these hackers are laundering stolen crypto is a major concern. It underscores the need for improved security measures and stricter regulations within the cryptocurrency space to prevent future incidents and make it harder for criminals to profit from their actions.
