North Korean Hackers Drain $1.46B in Ethereum From Bybit; Heres How They Might Cash Out

Blockchain security expert ZachXBT identified the North Korean Lazarus Group as the perpetrators of the $1.46 billion hack of the Bybit cryptocurrency exchange. Bybit's CEO confirmed that the hackers stole Lido Staked ETH (stETH), Mantle Staked ETH (mETH), and other ERC-20 tokens from a cold wallet by disguising a malicious transaction. The stolen tokens, worth $1.46 billion, were moved to a hot wallet. Arkham Intelligence offered a $32,000 reward for information, and ZachXBT provided evidence linking the Lazarus Group to the attack, including transaction analysis and forensic graphs. The Lazarus Group is known for other large-scale crypto heists, such as the $230 million WazirX exchange hack. Experts believe the group will likely convert the stolen tokens to ETH, then Bitcoin, and finally to Chinese Renminbi (CNY) to fund North Korea's nuclear program, a process that could take years.