In a curious twist of fate, the addresses entwined with the Bybit hacker have been spotted frolicking through the meadows of decentralized exchanges (DEXs), merrily trading their ill-gotten gains into Dai, that elusive stablecoin, which, unlike a petulant child, refuses to be frozen.
Recent blockchain chronicles unveil a wallet, a veritable treasure chest, that has been the recipient of some Ether (ETH) pilfered during the grand $1.4 billion Bybit heist on the fateful day of February 21. This wallet has been cavorting with platforms such as Sky (formerly MakerDAO), Uniswap, and the ever-mysterious OKX DEX.
According to the oracle of copy trading, LMK, our crafty Bybit exploiter has dispatched a staggering $3.64 million worth of ETH to a singular address, which then transformed this bounty into Dai (DAI) with the flair of a magician pulling a rabbit from a hat.
Unlike its centralized cousins, USDt (USDT) and USD Coin (USDC), which are tightly managed by Tether and Circle, respectively, DAI dances to its own tune, impervious to the freezing whims of a centralized issuer. A rather sensible choice for our cybercriminals, wouldn’t you agree?
EXch’s Stubborn Stance on Bybit’s Bounty
Our Bybit bandit seems to be playing a game of hide and seek with their DAI holdings, splitting them into a multitude of addresses. Some of these funds have found a cozy home in the non-Know Your Customer cryptocurrency exchange, eXch, while others have been swapped back to ETH, like a boomerang that just won’t quit.
eXch has become the epicenter of a tempestuous controversy since the Bybit debacle, steadfastly refusing to freeze any funds linked to the exploit. Meanwhile, other exchanges have donned their capes, assisting Bybit by freezing addresses involved in the heist or offering loans to cover the losses. Heroes or villains? You decide!
“Given the direct attacks on the reputation of our exchange by Bybit over the past year, it is difficult for us to understand the expectation of collaboration at this time,” eXch lamented in an email to Bybit, which later found its way to the Bitcointalk forum, like a gossiping neighbor.
Tether’s CEO, Paolo Ardoino, announced on February 22 that the company had frozen a modest $181,000 in USDT associated with the Bybit escapade. Yet, some tokens, like slippery eels, manage to slip through the cracks. CryptoMoon has uncovered a transaction linked to the Bybit caper that saw 30,000 USDC waltzing into eXch.
The Lazarus Connection Grows Stronger
Onchain sleuth ZachXBT has pointed a finger at the North Korean state-sponsored hacking group, Lazarus, as the prime suspect in this digital drama. The investigator has traced a common address used by the Bybit hacker in previous escapades on Phemex and BingX, both of which bear the Lazarus mark.
Most recently, ZachXBT noted that these three exploits share an address with the infamous Poloniex attack, like a family reunion of mischief-makers.
eXch, however, has vehemently denied any involvement in laundering money for Lazarus or North Korea. But, as the saying goes, where there’s smoke, there’s fire. Nick Bax, a member of the white hat group Security Alliance, estimates that eX
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2025-02-24 17:02