In the aftermath of Bybit’s $1.4 billion loss (the world’s largest crypto exchange hack), many services that once celebrated are struggling to control the laundry of criminal proceeds.
MemeCoin Generator Pump.Fun, Pormionless Token Exchange Thorchain, and many others are trying to counter the funding of Terrorism (CFT) and Money Laundering Anti-Money Laundering (AML) rules.
BYBIT, once claiming to be the world’s second most popular crypto exchange, was hacked on February 21st by $1.4 billion. The executive has signed a malicious transaction that allows hackers to clean ether (ETH) from multi-signature wallets.
When panic was set, customers rushed to withdraw their deposits of more than $4 billion. Nevertheless, Bybit claimed it was able to secure some loans and replenished its liquidity about 12 hours ago Back customer deposits on a 1:1 basis.
Over the past three days, hackers have exchanged and settled a portion of their crime proceeds. In the carriage game, perhaps a distributed or permitted protocol leader was rushing to intervene manually.
Leadership in the Rescue of Decentralized Cryptography
Many researchers have made credible allegations that hackers are supported by North Korea, so international sanctions could be applied to stolen funds.
It is not only perhaps moral to prevent their money laundering activities, but also involves the possibility of criminal prosecution if they fail CFT/AML.
Already forensic researcher ZachxBT claims that hackers have used exchanges with LAX controls such as Chain Flip, Tall Chain, Life, DLN and exchanges to exchange more than 37,000 theft ETHs for Bitcoin and Altcoin. (In opposition to Zachxbt, Exch claims that he “has not washed Lazarus/DPRK money.”
Read more: Crypto Exchange Bybit Hacked for Over $1.4 Billion
Pump.Fun administrators reportedly have already removed North Korea-related tokens from their website after the state-sponsored Lazarus Group moved the stolen Solana to the address at Pump.fun.
Lacking the laundry of the Bibit Hack Fund
Some managers boast of some preventive success. METH protocol is restored $43 million on stolen Cmeth Tokens. Tether frozen $181,000 in USDT.
JAN3 CEO Samson Mow and Bitmex co-founder Arthur Hayes led the call to roll back the Ethereum blockchain to reverse the Bi-Bit Hack. However, Ethereum leader Vitalik Buterin refused to admit the plea and was dismissed as trolling by Bitcoin maximalists using the opportunity to remember Ethereum’s 2016 rollback.
Ethereum Community Rejected a recent proposal.
Members of the Solana community called for blockchain rollbacks, citing money laundering via Pump.fun. He said there are plenty of precedents to at least suspend Solana’s blockchain, which has suffered dozens of historic halts. That recent proposal died without achieving consensus.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
