# North Korean Hackers Ramp Up Crypto Laundering: A Deep Dive into the $1.4 Billion Bybit Hack and Its Impact on THORChain – TheCryptoUpdates
In an escalating saga of cybercrime, the infamous Lazarus Group, allegedly North Korean hackers, has laundered an additional 62,200 ETH (Ethereum) from the February 21st Bybit hack. This latest transfer brings the total laundered assets to a staggering 343,000 ETH, representing 68.7% of the stolen funds. At current Ethereum prices, this additional 62,200 ETH is worth approximately $138 million.
This information comes from EmberCN, an anonymous cryptocurrency analyst who has been tracking the movement of funds from the Bybit hack. EmberCN estimates that the remaining 156,500 ETH will likely be transferred within the next three days, a concerning prospect for the digital currency market.
In response to the escalating situation, the US Federal Bureau of Investigation (FBI) has intensified its efforts to track the stolen assets. The FBI has identified 51 Ethereum addresses linked to the Bybit hack, while blockchain analysis firm Elliptic has identified over 11,000 associated cryptocurrency wallets. Toncoin (TON) Value Forecast for March 26th
Meanwhile, cryptocurrency forensics firm Chainalysis reports that the hackers have converted a portion of the stolen ETH into Bitcoin, the Dai stablecoin, and other various assets through decentralized exchanges, cross-chain bridges, and instant exchange services that lack strict “Know Your Customer” (KYC) protocols.
One protocol that has been particularly criticized is THORChain, a cross-chain asset exchange protocol. THORChain’s developers have faced widespread criticism for allowing a significant number of unauthorized transfers linked to the Bybit hack. The controversy was further fueled when a vote aimed at preventing transactions associated with North Korean hackers was overturned.
The protocol’s creator, called “Pluto,” has declared that they will stop assistance as criticism mounts. THORChain’s founder, John-Paul Thorbjornsen, has similarly distanced himself, claiming that he is no longer participating and that no authorized crypto wallet addresses have communicated with the protocol.
The theft from Bybit, estimated to be worth $1.4 billion, is the biggest crypto robbery to date, far exceeding the $650 million stolen from the Ronin bridge on March 23, 2022. The crypto community and regulatory agencies remain interested in the continuous movement of the stolen assets and attempts to stop these transactions.
