Hackers launder most of Bybit’s stolen crypto worth $1.4B

A sophisticated hack on Bybit resulted in the theft of roughly 401,346 ETH (~$1.4 billion). Attackers consolidated the stolen funds, converted the majority to Bitcoin, and initiated laundering using THORSwap and cryptocurrency mixers; blockchain firms and the FBI link the operation to North Korean state-linked actors. The scale, speed, and use of cross-chain and mixing services pose major tracing challenges, though exchanges and a $140M bounty offer present possible avenues for fund recovery.