Summary
- Blockchain expert Eric Wall revealed that it could take years for Lazarus to cash out the Ethereum stolen from Bybit.
- Lazarus converts the stolen funds from Ethereum to Bitcoin and then exchanges it to Yuan through Asia-based exchanges.
- The money laundering process could take years, and Lazarus is characterized by not rushing their money laundering operations.
Analysts suggest that it could take years for North Korea's Lazarus hacking group to cash out the Ethereum (ETH) stolen from Bybit.
On the 21st (local time), blockchain expert Eric Wall stated, "Lazarus launders their stolen funds in stages. This means it could take a long time until they fully cash out."
According to Wall, Lazarus first converts the stolen ERC-20 tokens to Ethereum, then converts it to Bitcoin (BTC). Subsequently, they exchange Bitcoin to Yuan through cryptocurrency exchanges based in Asia before finally cashing out.
He explained, "This process could take several years, and Lazarus is known for not rushing their money laundering operations." According to Chainalysis's 2022 report, North Korea still holds some funds (approximately $55 million) stolen from hacks dating back to 2016.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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