North Korean hackers are laundering stolen Bybit funds, with blockchain intelligence firm Elliptic tracking over $140 million in initial transactions aimed at obscuring the money trail. This theft, the largest in crypto history at $1.46 billion, involved primarily Ethereum and has been linked to the Lazarus Group of North Korea. The stolen assets are being processed through anonymous exchanges to complicate tracing efforts. Within hours, the assets were distributed across 50 wallets, and the group is converting stolen tokens into Bitcoin. Bybit is facing pressure as users have withdrawn approximately 23,000 BTC, reducing the exchange’s Bitcoin reserves significantly. Further investigation revealed that eXch, an anonymous exchange, has processed tens of millions in stolen assets, despite Bybit's requests to block such activities. In a response to allegations, eXch claimed to not facilitate money laundering while suggesting that it may donate a small fraction of the processed funds to privacy initiatives.

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