"Bybit Hack: Lazarus Group Launders $335M in Stolen ETH, Market Braces for Impact"

Bybit Hackers Accelerate Laundering Spree, Stakeholders Brace for Impact

Hackers exploiting Bybit have laundered over $335 million in stolen ETH, with blockchain data linking the activity to North Korea’s Lazarus Group. The speed and scale of the operation have raised concerns about market stability and the overall security of centralized exchanges (CEXs).

In the past 24 hours alone, the perpetrators managed to move an astonishing 45,900 ETH worth around $113 million, bringing the total laundered amount to 135,000 ETH, worth over $335 million at the time of writing. According to pseudonymous blockchain analyst EmberCN, at the current rate, it will only take another 8 to 10 days to clean it all up.

The first hack, on February 21, 2025, resulted in the theft of liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and other digital assets, shaking investor confidence and driving concerns of a wider market collapse. It serves as a sobering reminder of the vulnerabilities that exist even within established crypto platforms.

Blockchain security firms such as Arkham Intelligence have blamed North Korea’s infamous Lazarus Group as the probable culprits behind the Bybit exploit. This attribution comes down to analyzing the hacking techniques, as well as the flow of funds and other circumstantial evidence that ties the attack to Lazarus Group’s prior operations.

On October 4, just days after the incident, Bybit’s co-founder and CEO, Ben Zhou, declared “war” on the Lazarus Group, marking how seriously Bybit is treating the breach and its intent to track and pursue the hackers.

The hack’s immediate impact was felt throughout the Ethereum market. The news of the exploit sparked a sharp price drop, with Ethereum plunging from nearly $2,460 to $2,380 in just one hour on February 26, 2025. The market responded sharply to the news, with Ethereum experiencing a sell-off but has since recovered, trading at around $2,488 at the time of the article’s publication.

Despite the massive financial loss, Bybit’s swift response has drawn attention as a