Analysts say a quick laundering of more than $ 400 million from the hack of Bibit suggests that North Korea may have expanded its operations.
The incident of more than $ 400 million was looted in a few days from Bybit’s $ 1.46 billion incident, with the analysts of the blockchain forensic firm TRM Labs, there are now serious concerns that North Korea might have expanded its laundering operation.
In 27 February blog postAnalysts reported that the attackers of Bibit moved about half a billion in less than a week, which went to hide the trail using an intermediary wallet, crypto swap, decentralized exchanges and cross-chain bridges.
“This rapid laundering suggests that North Korea has either expanded its money laundering infrastructure or underground financial network, especially in China, has increased its ability to absorb and process illegal money.”
TRM Labs
Analysts note that North Korean hackers usually use a crypto mixer to hide the stolen funds before cashing. But the scale of the Bibit incident has forced him to adopt new methods. Instead of the mixer, they are now using several wallets and decentralized platforms to obscure the money trail.
Initially, some stolen atherium was sent via BNB series and Solana. Now, most of them have been sent to bitcoin networks. Despite accelerated laundering, most of the bitcoin remains untouched, suggesting that the attackers are preparing large -scale liquidation through the OTC network, analysts suggest analysts.
In a multi-step attack, bybit lost $ 1.46 billion, which the security experts join the safe wallet. The attackers allegedly compromised a safe {wallet} Developer’s device, deceit to signing a malicious transaction to the safet wallet owner of the bibit.
