The Crypto Exchange Exchange has denied allegations that it was involved in robbing the funds stolen from the bibit after the claims of several sources.
Excit has denied the allegations of money stolen from the baibit. The initial allegation came from the blockchain Sleith Zachxbt on 22 February, when he Informed In its investigation Telegram Group, the exchange exchanged $ 35 million of funds stolen from baibit. He also said that 34 atherium (Ath) was accidentally sent to a warm wallet of another exchange during the process.
Aligned with claims of Zachxbt, Nick Backs of Security Alliance estimated That exchange processed about $ 30 million in transactions bound from North Korea that day.
Similarly, security firm slow Stated An important part of the ether was already converted through exchanges in bitcoin, monero and other cryptocurrency.
⚠️Given the significant amount of ETH already laundered through eXch into BTC, XMR, etc., platforms should tighten risk controls on any funds coming from there.
— MistTrack🕵️ (@MistTrack_io) February 23, 2025
In response, exchange rejected Bitcointock Forum accused in his February 23 statement. However, it did Accept To process a small part of the stolen property, which is described as a “isolated event”. According to exchange, address […] These funds were received on 1123, but no other atherium blockchain addresses, apart from the deposit address, were not connected to its platform. It was also said that the fee generated from these transactions would be donated for public benefits.
Bybit is actively working with blockchain forensic experts to detect stolen funds. It has also introduced 10% of the recovered amount in the form of a reward to assist in the recovery process.
Bybit Theft has been held responsible for North Korea’s Lazarus Group, which Laundering Over $ 200 million in crypto assets stolen between 2020 and 2023.
As OvalA blockchain analytics and compliance firm follows a characteristic pattern when looting the Lazarus group stolen funds.
In particular, this token swaps tokens for native blockchain assets such as ETH to prevent issuers from freezing funds. In the case of Bybit Hack, stolen tokens were almost immediately exchanged for eth through decentralized exchanges.
The group then obscured the history of transactions by spreading the wealth in several wallets, carrying forward the property between blockchain and using mixing services like tornado cache. Within two hours of the attack, the stolen amount was distributed in 50 -purse, each of which had around 10,000 Aths. As of 23 February, the stolen assets were estimated to be 10% – 140 million dollars – already moved.
As OvalThe theft ETH is now being converted into BTC, a step that moves forward through the mixer. However, large amounts of property can complicate this process, eggs explained.
