North Korean Hackers Launder $300M from Record $1.5B Bybit Heist

North Korean hackers, led by the Lazarus Group, have already laundered $300M from the $1.5B Bybit hack. Crypto exchanges and investigators are racing against time to recover the stolen funds.

North Korean Hackers Move $300M in Stolen Crypto, Escalating Global Security Concerns

The notorious Lazarus Group, linked to the North Korean regime, has successfully laundered at least $300 million from the record-breaking $1.5 billion cryptocurrency heist targeting Bybit. This massive breach, which occurred two weeks ago, ranks among the largest digital asset thefts in history.

Since the attack, cybersecurity experts and blockchain analysts have been locked in a high-stakes battle to trace the stolen assets. However, a significant portion of the funds has already disappeared into untraceable channels, complicating efforts for recovery.

A State-Backed Cyber Operation to Fund North Korea’s Military

Experts warn that North Korea operates a state-sponsored hacking program, leveraging cybercrime to finance its military and nuclear projects. According to Dr. Tom Robinson, co-founder of Elliptic, the hackers are highly trained professionals working around the clock to obfuscate transaction trails.

“North Korea leads the world in laundering stolen digital assets,” Robinson stated. “I imagine they have entire teams using automated tools and years of expertise to cover their tracks.”

Crypto Bounties and the Ongoing Hunt for Stolen Funds

To counteract the hackers, Bybit has launched the Lazarus Bounty Program, offering monetary rewards for tracking and freezing stolen assets.

As cryptocurrency transactions remain public on the blockchain, investigators still have a window of opportunity—until the funds are converted into fiat currency.

So far, 20 individuals have received over $4 million in bounties for identifying $40 million in stolen funds, leading to their successful freezing. However, experts caution that the bulk of the funds remain out of reach due to North Korea’s advanced laundering techniques.

Crypto Exchanges Under Fire for Weak Security Measures

One of the biggest obstacles in stopping these operations is lack of cooperation from crypto exchanges. Bybit has accused rival platform eXch of enabling hackers to cash out over $90 million in stolen crypto.

Initially, eXch’s owner, Johann Roberts, denied the claims, citing a long-standing dispute with Bybit. However, Roberts later told the BBC that his platform is now cooperating with authorities.

Despite ongoing recovery efforts, cybersecurity experts warn that North Korea’s cybercrime operations will persist as long as crypto platforms fail to unite against illicit transactions.

The Race Against Time to Track the Remaining $1.2B

With over $1.2 billion still missing, investigators are under immense pressure to prevent further laundering. As part of these efforts, Chainflip, a cross-chain DEX, is rolling out a major security upgrade to block the hackers from utilizing its platform.

The upcoming 1.7.10 upgrade will introduce enhanced screening tools, enabling major broker operators—such as SwapKit and Rango DEX—to flag and reject suspicious ETH and ERC-20 token deposits linked to the Bybit heist.

As authorities work to track the remaining funds, the case highlights the urgent need for stricter security measures and cross-platform cooperation to combat the growing threat of state-sponsored crypto crime.

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