North Korean Hackers Turn $1 Billion Worth of Ethereum into Bitcoin!

Updated

March 5, 2025

Gambar North Korean Hackers Turn $1 Billion Worth of Ethereum into Bitcoin!

Jakarta, Pintu News – Last month, the digital finance world was shocked by the biggest hack in history by North Korean hacker group Lazarus Group. According to Ben Zhou, CEO of Bybit, they managed to steal approximately $1.4 billion worth of Ethereum from Bybit’s Ethereum wallet.

Most of the stolen assets have now been converted into Bitcoin through several exchange platforms. This incident has not only caused huge financial losses but also raised concerns about the security of crypto assets globally.

Zhou emphasized that the next two weeks will be critical in efforts to freeze the stolen funds that may start moving through various crypto, over-the-counter (OTC), and peer-to-peer (P2P) exchanges.

Ethereum to Bitcoin Conversion Process

The Lazarus group used THORChain, a cross-chain liquidity protocol that allows the exchange of assets between various blockchains, to convert most of the stolen Ethereum into Bitcoin. Out of a total of 417,348 Ethereum, about 361,255 Ethereum or $900 million worth was successfully converted through THORChain.

This process allows the hackers to disguise their tracks and complicate tracking efforts by authorities. In addition to using THORChain, approximately 79,655 Ethereum, or 16% of the total missing funds, was converted to dark via an exchange that has yet to be identified. Meanwhile, another 40,233 Ethereum or $100 million was converted through the web3 proxy OKX, with most of the funds still being tracked.

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Recovery and Prevention Efforts

bybit marketplace — Source: FInance Feeds

Bybit has launched a website lazarusbounty.com to track stolen funds and offer a reward for anyone who can assist in recovery efforts. The site is part of Bybit’s strategy to address the impact of the hack and prevent similar incidents in the future. This effort demonstrates the importance of collaboration between platforms in the crypto industry to improve security and user trust.

Bybit is also working with other crypto exchanges to freeze the funds associated with this hack. International cooperation and information sharing are key in tackling cybercrime in the crypto space, which is becoming increasingly sophisticated and far-reaching.

Cover: The Future of Crypto Security Post-Hacking

This incident serves as a harsh reminder to all players in the crypto industry about the importance of cybersecurity. Improving security protocols and cross-border cooperation is essential to protect assets from similar attacks in the future. In addition, users should also be more vigilant and educate themselves about potential risks and how to protect their digital investments.

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