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Bybit Hackers Launder an Additional $113 Million from Loot
The Bybit hackers have laundered an additional 45,900 ETH ($113 million) in the last 24 hours, taking the total tally of money laundered to 135,000 ETH ($335 million) in less than a week. The remaining funds will take around 8-10 days to completely launder, depending on the current pace of the hackers.
The hacking incident occurred on February 21, with Bybit, the second-largest crypto exchange by market share, losing approximately $1.46 billion to the suspected notorious Lazarus Group. At the time of the report, only 3% of the stolen funds had been frozen, leaving a significant amount still at large and available for laundering.
Bybit has launched an initiative known as the “Lazarus Bounty Program” in its effort to recover the looted funds. This program aims to incentivize the crypto community to track and freeze the hackers’ assets by providing a 5% bounty upfront for any information that leads to the freezing of stolen funds, paid immediately upon confirmation of the freeze. For high-value tips that result in significant asset freezes, the reward increases to 10% of the recovered amount, potentially totaling up to $140 million, given the scale of the theft.
To facilitate this effort and make it easy for participants to join, Bybit has created a dedicated website, lazarusbounty.com, where users can connect their wallets and track the 6,338 wallet addresses linked to the Lazarus Group. The platform’s CEO, Ben Zhou, has promised to expand the platform and make it accessible to future victims of the group.
As of now, efforts through the bounty program have already frozen $42.3 million, which accounts for approximately 3% of the stolen assets.
Source: https://www.crypto-news.net/bybit-hackers-launder-an-additional-113-million/
