Bybit News: Bybit Seeks Recovery of 44.67 ETH from Paraswap DAO Linked to Lazarus Group Hack
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In a recent development in the cryptocurrency world, Bybit has made a demand for the return of 44.67 ETH from Paraswap DAO. The funds are alleged to have been generated as swap fees from a hacker who utilized stolen stETH in a series of transactions orchestrated by North Korea’s Lazarus Group.
Bybit Demands 44.67 ETH Back from Paraswap DAO
Bybit is seeking the return of 44.67 ETH from Paraswap DAO, claiming the funds were generated as swap fees from a hacker using stolen stETH. The transaction, carried out by North Korea’s Lazarus Group, involved eight separate swaps on Paraswap following a February 21 attack. These funds were automatically collected as protocol fees and later wrapped into wETH. The Paraswap proposal presents new technical insights into how the hack was executed, emphasizing how stolen funds were laundered through decentralized exchanges.
Lazarus Finishes Laundering Stolen Bybit Funds Using THORChain
Arkham Intelligence revealed that Lazarus Group laundered all funds from the recent Bybit hack, transferring 500,000 ETH mainly to BTC. THORChain processed over $5.5 billion in volume since the hack on February 21st. Some users blamed THORChain validators for negligence, while others defended the platform, stating it’s an open-source and decentralized organization, not a law enforcement agency.
20% of Stolen Bybit Funds ‘Gone Dark,’ CEO Says
Bybit’s CEO, Ben Zhou, has provided updates on the recovery of funds stolen in a hack on February 21. The incident involved approximately $1.4 billion worth of cryptocurrency, making it one of the largest hacks on a centralized exchange. The attack, attributed to the Lazarus Group, resulted in the loss of 400,000 ETH-related tokens and other assets. Zhou stated that around 20% of the stolen funds have “gone dark,” while 77% remain traceable, and 3% have been frozen. The upcoming weeks are crucial for halting the hackers’ efforts to cash out through exchanges, over-the-counter platforms, and peer-to-peer channels.
