Three months after one of the biggest crypto thefts on record, blockchain data shows that nearly half of the $1.4 billion stolen from BYBit has become dark.
Data from Cryptocurrency Exchange Bybit has revealed that $644 million stolen funds (almost half of the exchange’s massive $1.4 billion theft) have been dissipated from public tracing after being processed through a mixing service. Around $693 million (or 49.5%) remained trackable, but exchanges and authorities have frozen $63 million (4.5%), data shows.
The stolen funds were systematically washed through several mixing services. The largest portion – $247.5 million (approximately 966 BTC) – was washed through a wasabi wallet, and an additional $94.1 million was washed via exchange. It traveled through tornado cash ($2.5 million in ETH) and Railgun ($1.7 million in ETH).
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Of particular concern is the ongoing activity of exchange despite alleged closures. As Crypto.News previously reported, analysts at TRM Labs have confirmed that the service continues to work through the backend API. The pooled transactions in the mixer create almost completely opacity because all incoming and sending transactions are mixed and it is very difficult to discover how many people behind a particular address is very difficult.
In a March article on X, analyst Safe at Crypto Wallet Interface Platform revealed that a North Korean hacking group known as Traderraitor has compromised the laptop of a Safe {Wallet} developer, bypassing multi-factor authentication using stolen AWS session tokens and can access Bybit’s funds.
The violation occurred in early February when a Docker project poses as a “stock investment simulator” was downloaded to Safe Developer’s Mac. This project communicated with a suspicious domain, leading to the installation of malware.
read more: Binance is pushing stricter security regulations following the $1.4 billion Bibit hack
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