Crypto exchange eXch denies Bybit laundering accusations

Crypto Exchange Exch denied the allegations according to which it was involved in the laundering of the stolen funds of Bybit, following complaints from several sources.

The exch denied the allegations of money laundering stolen in Bybit. The initial accusation came from the blockchain Sleuth Zachxbt on February 22, when he reported In its surveys, Telegram, a telegram that exchanges laundered $ 35 million from the stolen funds from Bybit. He also noted that 34 Ethereum (Ethn) Was wrongly sent to a hot wallet from another exchange during the process.

Alignment with the claims of Zachxbt, Nick Bax of the Security Alliance estimated This exchange has treated around $ 30 million in North Korea transactions that day.

Likewise, the safety company Slowmist declared That a large part of ether had already been converted into Bitcoin, Monero and other cryptocurrencies via Exch.

In response, exchange denied The accusations of his declaration of February 23 on the BitcoinTalk forum. However, it is admit To treat a small part of stolen assets, which he described as an “isolated incident”. According to Exch, the address […] 1123 received these funds, but no other Blockchain Ethereum address, apart from the deposit addresses, was linked to its platform. He also indicated that the costs generated by these transactions would be given for a public benefit.

Bybit actively worked with blockchain judicial experts to retrace stolen funds. He also offered 10% of the amount recovered as prime To help the recovery process.

The flight of relays was awarded to the Lazarus group in North Korea, which bleached More than $ 200 million in stolen cryptographic active ingredients between 2020 and 2023.

According to Ellipticalan analysis and compliance firm of the blockchain, the Lazarus group Follows a characteristic model when laundering stolen funds.

More specifically, he exchanges stolen tokens for native blockchain active ingredients and ETH to prevent token issuers from freezing the funds. In the case of posting of tickets, the stolen tokens were almost immediately exchanged for ETH by decentralized exchanges.

The group then obscured the history of transactions by dispersing funds on several portfolios, moving assets between blockchains and using mixing services like Tornado Cash. Within two hours following the attack, the stolen funds had been distributed over 50 portfolios, each containing approximately 10,000 ETH. On February 23, around 10% of stolen assets – estimated $ 140 million – had already been moved.

According to EllipticalThe stolen ETH is now converted into BTC, a step preceding additional obscure by the mixers. However, the large volume of assets can complicate this process, explained elliptical.