Blockchain analysis reports from Arkham Intelligence indicate that North Korea’s Lazarus Group has fully laundered the ethereum ( ETH) proceeds from the Bybit breach, with a significant share of the assets now converted into bitcoin ( BTC).
Lazarus Group Completes ETH Laundering, Amassing 6,706 BTC in the Process
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From ETH to BTC: Lazarus Group Now Holds 6,706 Bitcoin Worth $591M
Examining 57 separate accounts, the hackers behind the Bybit attack have depleted their original holdings of 499,000 ETH, leaving behind a negligible balance of just 0.1991871 ether—equivalent to approximately $432.
Arkham Intelligence disclosed this development on X, highlighting that “Thorchain has processed over $5.5B in volume since Bybit was hacked on the 21st February,” following observations that much of the pilfered capital has transitioned into BTC.
As of 3:30 p.m. Eastern Time (ET) on Tue., March 4, Lazarus Group’s bitcoin holdings have swelled to 6,706 BTC, valued at approximately $591 million. The group has been channeling funds through a network of undisclosed addresses that remain unflagged.
Additionally, the hacking syndicate—believed to have backing from state-linked entities—now controls $619.5 million in total assets, a decline from the $919 million it held just two days prior. At that time, Lazarus possessed only 3,391 BTC.
Although not directly tied to the Bybit breach, Lazarus Group’s network of more than 70 wallets still holds 10,690 ETH. These funds are in constant motion, with the group’s wallets registering dozens of outbound transactions today alone, continuing a two-week trend of relentless activity.
The motivation behind the hackers’ pivot to BTC remains unclear, but liquidity is likely the driving factor.
