Following the massive $1.4 billion hack of the Bybit crypto exchange, blockchain security firm Elliptic has indicated that the stolen assets are likely to be laundered through mixers. Attribution for the theft has been assigned to North Korea's Lazarus Group. Elliptic notes that this laundering typically starts with exchanging stolen tokens for native assets like ETH. The current laundering phase involves layering stolen funds to obscure transaction trails, which includes various techniques such as utilizing multiple wallets and crosschain bridges. Just hours after the theft, the stolen assets were dispersed across 50 wallets and are now being systematically emptied. Despite requests for intervention, one exchange has continued to facilitate the laundering efforts. Elliptic also highlighted a significant decline in funds sent to mixers as criminal groups evolve their tactics, opting for alternative methods, such as crosschain bridges. Meanwhile, Bybit's CEO stated that the exchange has fully compensated for the stolen Ether and an audited proof-of-reserve report will be forthcoming.

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