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## Detailed Analysis and Report: Timeline of Bybit’s Stolen ETH Laundering
Introduction
Once upon a time, in the world of cryptocurrencies, a daring heist took place at Bybit, where a staggering $150 million vanished into the digital abyss. The cunning Lazarus Group, masters of cyber warfare, stood accused of orchestrating this grand theft. Here, we unravel the intricate tale of how the pilfered Ethereum (ETH) was skillfully laundered, showcasing the hacker’s artful maneuvers.
Initial Conversion and Fund Flow
- Converting Illiquid Treasures: The Lazarus Group embarked on a quest to metamorphose their illiquid treasures, like staked tokens, into the more versatile Ether (ETH). This metamorphosis allowed them to navigate the digital highways more swiftly. It is whispered that a hefty $20 million in staked tokens shape-shifted into ETH post the Bybit raid.
- A Dance of Cryptic Wealth: After transmuting their assets, the hackers wove a complex web of financial flows. They traversed through an intricate labyrinth of intermediary wallets, cloaking their tracks with shadows, thwarting the pursuit of blockchain sleuths.
Money Laundering Process
- Shifting Shadows through Exchanges: The stolen ETH embarked on a clandestine journey through decentralized exchanges, traversing cross-chain bridges, and fleeting through instant swap services. These shadowy platforms, veiled from the prying eyes of Know-Your-Customer (KYC) scrutiny, shielded the hackers in anonymity.
- The Alchemy of Conversion: Most of the purloined ETH transmuted into the mythical Bitcoin and stalwart stablecoins like Dai. This sacred conversion bestowed an aura of mystery upon the funds, shrouding their origins in enigma.
- A Ballet of Fragmented Wealth: Throughout the laundering spectacle, the hackers deftly splintered their spoils into smaller sprites. Initially, the wealth split from one mighty wallet into 42 wily pockets, subsequently fragmenting into myriad dormant alcoves held afar.
Timeline of Key Events
- The Bybit Folly: The grand inception of the heist heralded the purloining of $150 million, etching its name in the annals of crypto lore as one of the greatest thefts witnessed.
- The Looming Shadows: In the hushed hours following the theft, the hackers wove their silken threads through the ethers, obscuring their trail from prying eyes.
- Unveiling Secrets: Recent whispers reveal that the miscreants have vanquished half of their bounty, washing away 266,309 ETH under the moonlit night within the span of five and a half days.
- The Dormant Guardians: To lull the eyes of scrutiny, dormant sentinels hold the stolen treasures close, biding their time while the storm of attention wavers before the next act unfurls.
Conclusion
The grand saga of the Bybit thievery, interwoven with the intricate tale of laundered ETH, unveils the ingenious craft of cyber bandits like the Lazarus Group. Their prowess in transmuting locked treasures to fluid wealth, orchestrating dizzying financial dances, and traversing through shadowy corners of decentralization, paints a vivid canvas of evasion. Yet, amidst this dance, the guardians of crypto and blockchain sages unite, forging bonds to stave off the dark arts of crypto nefariousness.
References
Jinse Finance: Uncovering Lazarus’ money laundering strategy
BBX: Bybit hackers have successfully whitewashed 50% of the stolen ETH
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Related sources:
[1] followin.io
[2] bbx.com
