How Bybit Hackers Tried to Launder Stolen Funds Through PumpFun

There’s been an update connected however the Lazarus Group hackers that robbed Bybit of $1.5 cardinal attempted to launder the stolen funds done Solana’s PumpFun platform

According to crypto expert Atlas successful a Feb 23 tweet, they sent 60 SOL to an anonymous wallet, and launched a memecoin called QinShihuang (#500000) to disguise their activities.

Atlas exposes however Lazarus Group launder stolen funds | Source: Atlas

After manipulating tons and trading and lavation trading, the hackers were capable to make implicit $42 cardinal successful artificial volume, which made it harder to hint the stolen assets. 

They attracted immoderate existent readers to the memecoin, combining morganatic transactions with their soiled wealth successful bid to launder their proceeds adjacent further

“The hackers created hype astir their token, luring successful traders looking for speedy profits,” Atlas reported.

After they moved a ample magnitude of money, the hackers divided the funds into respective wallets and utilized cross-chain bridges to transportation assets betwixt antithetic blockchains truthful that it becomes adjacent much hard to follow.

However, blockchain researcher Zachxbt exposed the laundering scheme, linking the question of funds to the PumpFun exploit.

This concern highlights the ongoing issues successful the Defi space. Atlas warned that hackers wouldn’t halt taking vantage of unfastened systems and that DeFi platforms request to update their monitoring tools to find suspicious transactions.

“If you don’t admit these schemes, you mightiness unknowingly commercialized connected exploited liquidity oregon clasp worthless scam tokens,” helium cautioned.

Despite the attack, Bybit has reassured its users that each funds stay backed 1:1 and the speech is keeping withdrawals and trading active.

The speech has besides responded by launching LazarusBounty.com today. The level is aimed to way and halt the Lazarus Group which is simply a cybercrime enactment linked to North Korea. The level volition reward bounty hunters who assistance exposure and frost stolen crypto assets.

“We person assigned a squad to dedicate to support and updating this website, we volition not halt until Lazarus oregon atrocious actors successful the manufacture are eliminated. In the aboriginal we volition unfastened it up to different victims of Lazarus arsenic well” Bybit’s CEO Ben Zhou stated

Also Read: Safe Wallet to Resume Services successful 24 Hours After ByBit Hack