Hackers launder most of Bybit’s stolen crypto worth $1.4B

The hackers who stole around $1.4 billion in cryptocurrency from crypto exchange Bybit have moved nearly all of the robbed proceeds and converted them into Bitcoin, in what experts call the first phase of the money-laundering operation. On February 21, Bybit said that a “sophisticated attack” on one of the company’s wallets resulted in the theft of 401,346 Ethereum, worth around $1.4 billion at the time, in what is the largest crypto theft in history and possibly the largest heist of any kind ever. Blockchain monitoring firms and researchers, as well as the FBI, have accused the North Korean government of being behind the hack. Since the digital robbery, the hackers have moved all the Ethereum they stole out of the dozens of crypto wallets they originally split the proceeds between and have converted most of the funds to Bitcoin, according to Tom Robinson, the co-founder and chief scientist of crypto monitoring firm Elliptic; and Ari Redbord, a former federal prosecutor and senior Tr ... Read full article.