North Korean Hackers Launder $1.4 Billion in Record Crypto Heist Targeting Bybit

The Lazarus Group has converted most of the stolen Ethereum to Bitcoin and obscured its origins, with 77% of the funds still traceable.

Bybit suffered the largest crypto theft in history on February 21, losing 401,346 ETH worth $1.4 billion to a sophisticated attack linked to North Korea's Lazarus Group.
Hackers have moved the stolen Ethereum into 6,954 Bitcoin wallets, with 83% of the funds converted to Bitcoin using decentralized platforms like THORChain.
Blockchain analysts report that 77% of the stolen funds remain traceable, while 20% have gone dark through privacy-focused platforms and mixers.
Bybit has launched a $140 million bounty program to incentivize freezing and recovering stolen funds, with $4.3 million awarded to bounty hunters so far.
The coming week is critical for investigators to track and freeze the funds before they are cleared through exchanges or converted to cash.