"Surge in Cross-Chain Bridge Transactions Attributed to North Korean Hacking Funds Laundering"
Son Min
Summary
- Claims have been made that the surge in cross-chain bridge transaction volume is due to North Korean hackers laundering stolen funds.
- JackXBT stated that the phenomenon of cross-chain bridges suddenly seeing increased usage and transaction volume is mostly connected to laundering of hacked funds.
- The recent months' spike in transaction volume is reported to be related to the Bybit hack, with repeated transactions by hackers leading to the increase in volume.
The surge in cross-chain bridge transactions is reportedly due to laundering of stolen funds by North Korean hackers.
On the 3rd (local time), renowned cryptocurrency investigator JackXBT stated on Telegram, "There are cases where cross-chain bridges suddenly boast a surge in usage and transaction volume," adding, "This is most likely the result of laundering funds hacked by North Korea."
He further explained, "The surge in cross-chain bridge transaction volume in recent months is mainly related to the Bybit hack," and, "Hackers often conduct repetitive transactions to avoid tracing, which increases the overall transaction volume."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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