WuBlockchain
After the $1.5 billion Bybit hack in February 2025, zeroShadow estimated that more than $1 billion in stolen funds was laundered between February and June. That estimate does not mean the funds were all converted into fiat.
Why it matters
North Korean hackers increasingly use professional laundering networks, which may take control of stolen assets early, pay attackers after fees and handle the risks of moving and cashing out the funds. The use of intermediaries adds distance between attackers and the eventual destination of stolen crypto.
Market impact
Elliptic traced about $200 million through eXch and identified cross-chain transfers, USDT conversions and suspected Chinese OTC services. Blockchain transactions remain traceable, but tracing alone does not recover assets. Recovery depends on cooperation from exchanges, token issuers and law enforcement.
Frequently asked questions
-
How much stolen crypto was laundered after the Bybit hack?
zeroShadow estimated that more than $1 billion in stolen funds was laundered between February and June 2025. That does not mean the full amount was converted into fiat.
-
What role do professional laundering networks play?
Intermediaries may take control of stolen assets early, pay attackers after deducting fees, and assume the risks of later transfers and cashing out.
-
How did Elliptic trace funds linked to the theft?
Elliptic traced approximately $200 million through eXch and identified cross-chain transfers, USDT conversions and suspected Chinese OTC services.
-
Do traceable blockchain transactions guarantee stolen funds can be recovered?
No. Blockchain transactions may remain traceable, but recovery depends on cooperation from exchanges, token issuers and law enforcement.
-
Does the $1 billion estimate mean that amount became fiat?
No. The estimate covers funds laundered between February and June 2025, and does not mean the entire amount was converted into fiat.
CryptoSlate
CoinDesk
Lookonchain
TheBlock
CoinTelegraph
Crypto Rank News
Crypto News