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How did Lazarus Group launder money after hacking $1.4 billion from Bybit?

Lazarus Group has just activated the money laundering process after the Bybit hack.

With sophisticated tactics, this hacker group makes it almost impossible to trace and recover assets.

According to Chainalysis, Lazarus usually performs 3 steps:
🔸 Convert ERC-20 tokens to ETH
🔸 Swap ETH to BTC via decentralized platforms
🔸 Sell BTC for cash via Asian exchanges

This process can last for years to avoid detection.

So is there any chance for Bybit to get the money back

It's alarming how sophisticated Lazarus Group's money laundering tactics are. With each step carefully planned out, tracing back the stolen assets becomes a daunting task. Bybit faces a challenging road ahead in trying to recover the funds, considering the elaborate process the hackers have put in place. The cybersecurity landscape continues to evolve, and it's crucial for companies to stay vigilant against such threats.