The Lazarus Group of North Korea has allegedly earned all 499,000 Eth, about $ 1.39 billion, which has been stolen from Bibit Hack in only 10 days.
According to the 4 March 4 posts on X by on-chain analyst Ambercan, which is tracking the stolen funds, most of the Etharium (ETH) was funnel through Thorchain (RUNE), a decentralized cross-chain liquidity protocol, and converted into Bitcoin (BTC).
Thorchen has operated $ 605 million in the transaction alone in the last 24 hours. The platform has received criticism for its participation for involvement in illegal transactions facilities, recording $ 5.9 billion in volume and collecting fees of $ 5.5 million during the laundering process.
A critic on X Specified “Best carelessness, worst greed, as Thorchen’s response. While the other protocols acted accordingly to prevent the movement of stolen funds, Thorchen verifications did not take any meaningful action. Pluto, one of the main contributors, resigned in protest after a governance proposal to prevent etha transactions.
Meanwhile, Baibit CEO Ben Jhou has ever provided an update on the stolen property movement. In a March 4 post on X, he revealed that 77% stolen funds are tracedable, while 20% are dark, and 3% are frozen.
According to Zhou, 83% of the laundard fund was converted into bitcoin, distributed to 6,954 wallets, passing through thorchain with 72% ($ 900 million) of these funds. In addition, after being transferred via EXCH, 16% of the assets became unaware, and the Okx Web3 Proxy processed another 8% ($ 100 million).
Bibit has since launched a fund-tracking website lazarusbounty.com, and has been providing a bounty to exchanges helping to recover stolen property. So far, the awards have been paid $ 2.17 million to 11 bounty hunters, with top contributors with mental, parasavap and zachxbt.
