The hacker Lazarus behind the Bybit theft processed the stolen funds through ETH-BTC-fiat currency, and the process of selling the stolen funds may last for many years
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Odaily reported that the Bybit hacking incident is believed to have been carried out by the North Korean hacker group Lazarus Group. Chainalysis had previously released a report on Lazarus Group's "disposal" of the stolen funds. Typically, Lazarus Group follows a three-step "disposal" process: first, converting all ERC20 tokens (including liquid derivatives like stETH) into ETH; second, converting the ETH into BTC; and third, gradually cashing out the BTC into fiat currency through Asian exchanges. The entire process may take several years.
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