Bybit Hackers Near Completion of Laundering $1.5 Billion in Stolen ETH
North Korean hackers are close to laundering 499,000 ETH, valued at approximately $1.5 billion, following the Bybit breach. Key points include:
- About 70% of the stolen funds have been moved through various methods, complicating tracking efforts.
- Circle, issuer of the USDC stablecoin, faced criticism for a delayed response in blacklisting hacker wallets, taking over 24 hours.
- Circle's CEO defended the company's actions, stating they require law enforcement requests to intervene.
- Critics argue this delay aids the hackers, emphasizing the need for proactive fund freezing measures.
- The FBI has linked the attack to the North Korean group TraderTraitor.
- Bybit has initiated a $140 million reward program for information leading to asset recovery, with rewards totaling $4.2 million distributed to 16 individuals so far.
The situation underscores the crypto industry's challenges in addressing hacking and fraud, highlighting the necessity for quicker responses from firms like Circle to prevent further losses.