Lazarus Completes Laundering Bybit Hack Funds via THORChain
The Lazarus Group has laundered all future funds it stole from its recent Bybit Hack. The group used Thorchain’s Dex token to convert ETH tokens, which sparked community criticism.
Some users accuse Thorchain validators of negligence, claiming they can stop trading. Others defended the platform, claiming it was an open source and decentralized organization, not a law enforcement agency.
Lazarus’ money laundering by Bybit’s money
Arkham Intelligence Agency, Blockchain analysis platformrevealing a new development In the recent Bybit Hack. The company released information about the incident and found that Lazarus Group is responsible. Today, it confirms that all the funds of Bybit Hack have been successfully washed.
“Lazarus has now completely washed out a portion of the proceeds from the Bybit hackers. They have transferred 500,000 ETH to local BTC. Thorchain has exceeded $5.5 billion since Bybit was hacked on February 21,” Arkham claim via social media.
bybit hack It is the biggest crime in crypto historystole $1.5 billion in Ethereum tokens. Two days ago, analysts confirmed that Lazarus had 70% of the stolen bybit funds have been washed.
Lazarus moves very fast. Yesterday, Baybit CEO Ben Zhou Famous The 83% of people have converted to Bitcoin and now the entire supply has been processed.
Bybit CEO Zhou also claimed that Lazarus washed 72% of his assets through Thorchain, Decentralized exchange/blockchain network. The vast majority trade Convert ETH to BTC to conduct this exchange.
Additionally, Thorchain’s 24-hour transaction volume surged due to the massive scale of these transactions, surpassing several more prominent networks.
Some people have already started blame thorchain crashes. As a user It pointed out that Lazarus Group washed a lot of Bybit’s money and the exchange did not stop them.
In fact, it charged $3 million in fees from this matter. Even though tip It is open source and decentralized, not law enforcement agencies.
“The only reason people think that breasts should review transactions is the general feeling that if they are node Operators, they will buckle under pressure (it can happen to be honest). No one asked about Bitcoin and Ethereum because it felt impossible. The chest chain needs to win the narrative battle. ” explain Runemir, chief narrative officer of Qi Capital.
In short, the whole incident was very confusing. On the surface, putting pro-chain arguments on a larger scale, then structurally easily facilitates large-scale financial crimes.
If Lazarus Group can successfully use these platforms for billions of dollars, it’s just the cost of doing business. This is not an attractive financing as an economic model.
On the other hand, the loudest criticism also leaves shortcomings. Thorchain’s Rune Token Short-term Spike Due to these high trade volumes, the benefits have disappeared.
The company’s involvement in Bybit laundry may follow its reputation for years and that will not help. If Thorchain validators work in their own interests, it is a short-sighted move.
Anyway, there is no way to track clean motivations for everyone involved in this story. Lazarus Group has washed a lot of money from Bybit Hack, and that’s a lot of responsibility.
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