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Urgent Call to Block Transactions Linked to Bybit Hack – CryptoNinjas

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Key Takeaways:

  • The Lazarus Group, which the FBI refers to as “TraderTraitor,” is attempting to launder funds.
  • FBI urges crypto firms to freeze transactions related to the hackers.
  • Entities with relevant information are encouraged to report to the FBI’s Internet Crime Complaint Center (IC3).

The FBI has issued a warning to cryptocurrency node operators, exchanges and private sector partners to coordinate their efforts to recover funds stolen in the massive $1.5 billion Bybit hack. As of February 21, this event has rocked the cryptocurrency space and law enforcement isn’t wasting any time.

Race Against Time: Hacking Group Tries to Clean Up Stolen Cash

The hacker group, called TraderTraitor (and also known as the Lazarus Group, APT38, BlueNoroff, and Stardust Chollima), is quickly converting the stolen assets into Bitcoin and other virtual currencies, the FBI said in a public service announcement. These assets are then spread across many addresses on various blockchains. The FBI is concerned that these assets will now be laundered and ultimately made into fiat currency, a situation that will render their recovery more complex.

According to cryptocurrency analyst EmberCN, since Feb. 21, Bybit hackers have laundered more than 135,000 Ether (ETH). The bulk of these were liquid-staked Ether tokens. Notably, an astonishing 363,900 Ether worth about $825 million at current prices has not moved since the hack.

More News: Bybit Hackers Accelerate $335M Laundering Spree: Can Trust Be Restored?

The price of ETH has been impacted by this event, experiencing fluctuations and a recent decline due to prevailing negative market sentiment.

According to crypto forensics firm Chainalysis, the hackers…

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