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Hackers launder most of Bybit’s stolen crypto worth $1.4B
Experts note that this is just the first step for the alleged North Korean hackers to profit from the historic heist.
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. Andrew Fierman, the head of national security intelligence at blockchain monitoring firm Chainalysis told TechCrunch that the company is tracking around 90% of the stolen Bybit funds, “the majority of which have been converted to [Bitcoin] and are being held in ~4,400 addresses.” “The scale and velocity of this operation present new challenges for investigators, as traditional anti-money laundering (AML) mechanisms struggle to keep pace with the high volume of illicit transactions.”
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