Onchain Analysis Tracks Bybit Hack Funds to Meme Coins
The Lazarus Group, a North Korean-linked cybercrime organization, allegedly laundered $1.4 billion stolen from Bybit using meme coins and cross-chain transfers.
Blockchain investigator ZachXBT traced part of the funds, revealing the use of meme coin platforms on Solana and Binance Smart Chain to move the stolen assets. The launderer used various methods, including “dusting” wallets with scam meme coins and exchanging them for SOL.
With over 920 addresses tied to the hack, Lazarus Group’s tactics complicate efforts to track crypto thefts, raising concerns over the risks posed by meme coins in illicit finance.
Clever Robot News Desk 24th February 2025
