How infiltrators Bybit tried to launder stolen money through Pumpfun

There was an update on how Hazarus Group tried to steal 1.5 billion dollars to launder the stolen money through the Solana’s Pumpfun platform

According to the Crypto Atlas analyst in a tweet on February 23, they sent 60 Sol to an unknown wallet, and they released Mimikoin called Qinshihuang (#500000) to hide their activities.

After manipulating a lot of trading, trading and washing, infiltrators managed to generate more than $ 42 million in artificial size, making it difficult to track stolen assets.

They attracted some real readers to the mechanics, combining legitimate transactions with their dirty money in order to wash their returns to further.

“The infiltrators created the noise around the distinctive symbol, and attracted them in merchants looking for quick profits,” I mentioned Atlas.

After they transferred a large amount of money, the infiltrators divided the money into many portfolios and used the bridges of the crossed chain to transfer assets between different groups of keys so that it becomes difficult to follow.

However, the Blockchain Zachxbt investigator revealed the laundry scheme, and the movement of money with the exploitation of Pumpfun.

This position highlights the ongoing issues in the DEFI space. ATLAS warned that infiltrators will not stop benefiting from open systems and that Defi platforms need to update their monitoring tools to determine the location of suspicious transactions.

He warned, “If you do not recognize these plans, you may trade in an unconfirmed liquidity or with no value fraud.”

Despite the attack, Bybit reassured its users that all funds are still supported 1: 1 and that the stock exchange maintains and trades withdrawals.

The stock exchange also responded by launch Lazarusbounty.com today. The platform aims to track and stop the Lazaros Group, an electronic crime organization linked to North Korea. The platform will be rewarded with reward hunters who help and freeze stolen encryption assets.

“We have appointed a dedicating team to preserve and update this site, and we will not stop until Lazaros or bad actors in the industry are canceled. In the future, we will open it to other victims of Lazaros as well.

Also read: A safe portfolio to resume services within 24 hours after penetration by bybit