The quick movement of stolen Bybit funds caught blockchain security experts’ attention because it suggests North Korea has boosted its digital money laundering methods.
TRM Labs reports that Bybit attackers transferred almost 500 million USD across different crypto networks during seven days. On February 27 TRM Labs explained in a blog post that the hackers moved funds using several different ways to hide their transaction history.
“This rapid laundering suggests that North Korea has either expanded its money laundering infrastructure or that underground financial networks, particularly in China, have enhanced their capacity to absorb and process illicit funds.” TRM Labs
Bybit Hackers Moved Stolen Funds to Bitcoin
North Korean hackers who stole cryptocurrencies before typically use crypto mixers to hide their funds before turning them into money. The Bybit attack forced them to develop new system adjustments since the stolen amount was too extreme to work with previous strategies. According to TRM Labs’ experts:
“These criminals no longer depend on mixers since they hide stolen assets across many wallets while operating on decentralized networks.”
The stolen Ethereum moved to the BNB Chain and Solana networks before most of it turned into Bitcoin. Research shows the Bitcoin that hackers took is frozen due to their possible intention to sell large amounts through OTC marketplaces.
The Bybit attack caused $1.46 billion financial loss which puts it in the top ranked crypto heists ever reported. Many technical experts think that hackers used a security flaw in Safe Wallet to access platform data.
According to safety specialists, the hackers entered the Safe{Wallet} developer’s system and coerced Bybit’s Safe wallet owner into agreeing to fraudulent transactions. The attackers built several steps in their strategy to empty all available money from the exchange.
The fast Bybit cyber attack shows how cybercriminal methods keep advancing with time. Specialists believe North Korea uses a mature illegal financial structure that operates across multiple blockchain systems due to its quick money laundering capability. The expert advises stronger security methods against key thefts and real-time detection to shield users against malicious transactions.
Many experts and security professionals watch for any new actions by the hackers while authorities track their moves. The world faces substantial difficulties when it comes to fast theft tracking and retrieving stolen money because cybercrime hacks become more advanced every day. The Bybit theft demonstrates how quickly digital assets remain unprotected and shows the growing problems in this emerging financial sector.
