Bybit Hackers Laundered 70% of the Funds, Circle Faces Backlash
North Korean bybit hackers are approaching the final stage of money laundering, with 499,000 ETH worth about $1.5 billion. At current speed, they can complete the process within the next three days.
At the same time, this is a criticism of USDC Stablecoin The issuer circle allegedly delayed the operation of blacklisted wallets associated with the attack.
North Korean hackers gradually cleanse their efforts
March 1, North Korean hackers The value of the additional 62,200 ETH is approximately $138 million, reducing the remaining unbalance to 156,500 ETH.
According to Embercn, a crypto researcher who monitors transactions, the rapid movement of funds shows that the money laundering process can be completed within a few days.
“As the hackers resumed money laundering yesterday at 3pm, they have laundered 62,200 ETH (worth $138 million). Of the 499,000 ETH stolen by Bybit, only 156,000 ETH (worth $346 million) are still not requested. In about three days, all of this should be laundered all of it.” Embercn Write On X.
This confirms Report From blockchain intelligence company TRM Labs, the lab noted that the attackers have an “unprecedented level of operational efficiency.”
According to the company, the group has adopted a complex washing strategy, using an intermediary wallet, Dispersed communicationand cross-chain bridges to cover up the transportation of funds. These strategies make it increasingly difficult for investigators to track and recover stolen ETH.
At the same time, the authorities also noticed it. February 27, the FBI The North Korean-affiliated hacker group has been identified Known as a trader bybit attack.
In response, Bybit launches $140 million bounty program Incentives can help track and freeze individuals with stolen assets. So far, 16 people have contributed a total of $4.2 million.
Circles face criticism that delays blacklist
Consider the rapid pace of money laundering activities, Detective on the chain Zachxbt Criticizing Circle’s delayed response in blacklisted hackers control wallets.
he Point out The company spent more than 24 hours of action, giving attackers enough time to move assets out of reach.
Zachxbt also highlighted past events, with Circle’s alleged failure to quickly freeze illegal funds, pointing to serious cryptocurrency violations such as Ledger and Nomad Bridge Hacks.
He argued Circle, as KEY Stablecoin issuer, A more positive stance should be taken to prevent stolen funds, rather than relying solely on law enforcement directives.
Circle CEO Jeremy Allaire, Defending the position of the company dismissed the negligent claim. He said the circle could only respond to direct requests from the authorities.
“We will share a post about how we respond immediately to law enforcement rather than enforcing the law through our own or market intelligence. I don’t think a market or user would benefit if a private company makes its own judgment to seize funds without a direct enforcement request. additional.
However, Zachxbt replied that waiting for legal permission creates unnecessary delays, allowing hackers to execute money laundering plans before taking action.
“A ongoing attack that affects the entire ecosystem is only a few minutes on the blacklist. You know that, and then withdraw the court order from law enforcement, which, in the best case scenario, takes several days. Your team completely constitutes this internal policy, which is not required by law,” Zachxbt said.
Safety Taylor Monahan experts echoed these issues, describing Circle’s handling of inefficient events. She also noted that delays in blacklisted funds increased the possibility that assets would become untraceable.
“You have a place list feature because you have to. Grow up and use it. Freeze criminal funds, build checks and balances, and create accessible recourse if the results are not good and repaired quickly. It’s simple,” Monahan explain.
Additionally, she noted that victims of falsely frozen often face massive legal battles to recover their funds due to Circle’s strict policies.
Disclaimer
persist in Trust Project Guide Beincrypto is committed to impartial, transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
