# North Korean Hackers Make Off with $1 Billion Worth of Ethereum, Convert Most to Bitcoin via THORChain

In a shocking development, the CEO of Bybit, a prominent crypto exchange, has revealed that North Korean state-sponsored hackers have made off with approximately $1.4 billion worth of Ethereum (ETH), converting most of it into Bitcoin (BTC) using the decentralized cross-chain liquidity protocol THORChain.

According to Ben Zhou, Bybit's CEO, the Lazarus Group, a notorious North Korean hacking collective, cracked Bybit's Ethereum wallets last month in what is believed to be the biggest heist in history. The group stole around 500,000 ETH, with about 77% still traceable, 20% going dark, and 3% frozen.

But how did the hackers manage to convert most of the stolen ETH into BTC? According to Zhou, they mostly used THORchain, a protocol that allows for the exchange of assets between various chains, including Bitcoin, Ethereum, and the BNB Chain. This move has significant implications for the crypto community, as it highlights the vulnerability of cross-chain transactions to cyber attacks.

According to Bybit's investigation, 83% (417,348 ETH, ~$1 billion) of the stolen funds have been converted into BTC, with 6,954 wallets averaging around 1.71 BTC each. This significant portion of the assets has been funneled through THORchain, which Zhou says is "72% traceable." However, a smaller amount (~16%) of the funds went dark through ExCH and OKX web3 proxy, making them difficult to track.

Bybit has launched a new initiative called lazarusbounty.com to track stolen funds and offer rewards for assistance in recovery efforts. The platform aims to help individuals who may have information about the whereabouts of the stolen assets, providing them with a chance to earn some of the recovered funds.

"The next two weeks will be critical for freezing the stolen funds at crypto exchanges," warned Zhou. "As the funds start to clear at exchanges, OTCs, and P2P, we need to act quickly to prevent further losses." The coming weeks will be crucial in this effort, as the hackers' plans become more apparent.

It is essential for investors to exercise caution when dealing with high-risk investments in Bitcoin, cryptocurrency, or digital assets. Bybit's experience highlights the importance of due diligence and being aware of the risks involved. Remember that transfers and trades are at your own risk, and any losses incurred are your responsibility.

The Daily Hodl is not an investment advisor and does not recommend buying or selling cryptocurrencies or digital assets. We participate in affiliate marketing, but our content should not be considered as investment advice. Please consult your own financial advisors before making any high-risk investments.