Bybit Hack: Ethereum Laundering

Hackers from the Lazarus Group (North Korea) are in the final stages of laundering 499,000 Ethereum stolen from the Bybit exchange, valued at approximately $1.5 billion. At their current pace, they could complete this process within the next three days. So far, about 70% of the stolen funds have been laundered. Data shows that they laundered $138 million just yesterday, with only 156,000 Ether, worth $346 million, remaining to be laundered. Meanwhile, Circle, the issuer of the USDC stablecoin, has faced criticism for its delay in blocking wallets associated with this attack. Jeremy Allaire, the CEO of Circle, defended the company's stance, stating that they only respond to direct requests from authorities and do not take unilateral action. Security experts believe this approach has caused unnecessary delays and has given the hackers the opportunity to fully execute their money laundering.