Hackers linked to North Korea’s Lazarus Group have successfully laundered at least $300 million (USD) of the $1.5 billion stolen in a recent attack on crypto exchange ByBit.
The cybercriminals, working nearly 24/7, are believed to be funneling the funds into the regime’s military and nuclear programs.
The hack, executed on February 21, involved altering a digital wallet address to divert 401,000 Ethereum coins.
Efforts to track and block the stolen funds have met challenges, with some exchanges like eXch accused of enabling cash-outs. ByBit has replenished customer funds and launched a bounty program to trace and freeze stolen assets, with $40 million already flagged.
However, experts warn that North Korea’s advanced laundering tactics make full recovery unlikely, reinforcing its reputation as the world’s most effective state-backed cybercriminal network.
