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The Lazarus Group, a North Korean hacking organization, has reportedly laundered 100% of the $1.4 billion stolen from the Bybit cryptocurrency exchange. This information was initially reported by The Record and other cybersecurity news outlets. The stolen funds, in the form of Ethereum (ETH), were moved to new addresses, which is the first step in laundering cryptocurrency.

This rapid laundering of such a large sum indicates a high level of operational efficiency by the North Korean hackers. Ari Redbord, a former federal prosecutor and senior Treasury official, described this event as showing “unprecedented level of operational efficiency.” He also suggested that North Korea has expanded its money laundering infrastructure or that underground financial networks, especially in China, have improved their ability to handle illicit funds. This situation underscores the increasing sophistication of North Korea's cybercrime activities and their ability to quickly process stolen cryptocurrency.

ImgSrc: www.metacurity.

References :

• infosec.exchange: NEW: The (allegedly North Korean) hackers behind the Bybit crypto heist have already laundered all the stolen Ethereum, which was worth $1.4 billion.
• Metacurity: Lazarus Group hackers have laundered 100% of the $1.4 billion they stole from Bybit
• Resources-2: FBI Confirms North Korean Lazarus Group Behind $1.5 Billion Bybit Crypto Heist
• : North Korea Targeting Crypto Industry, Says FBI
• fortune.com: How North Korea cracked Bybit’s crypto safe to steal $1.5 billion in a record heist
• Kaspersky official blog: How to store cryptocurrency after the Bybit hack | Kaspersky official blog

Classification:

• HashTags: #CryptoTheft #LazarusGroup #MoneyLaundering
• Company: Bybit
• Target: Bybit Cryptocurrency Exchange
• Attacker: Lazarus Group
• Product: Bybit
• Feature: Money Laundering
• Type: Crypto
• Severity: Major