Crypto Laundering Scandal: North Korean Hackers Behind LiFi's Record Surge?

Holy smokes, folks! A blockchain sleuth just dropped a bombshell: North Korean hackers might be behind 15–25% of LiFi's crazy activity. Yeah, you heard that right!

LiFi Protocol was popping off with record-breaking numbers, but get this—blockchain investigator ZachXBT says a huge chunk of that action could be North Korean hackers washing dirty money from the Bybit hack. Wild, right?

On Tuesday, June 3, ZachXBT blew the whistle on LiFi's epic performance. The protocol's boss, Arjun Chand, was all pumped about May's stats: $3 billion in volume, 4.37 million transactions, and over 510,000 unique users served. But hold up...

ZachXBT pointed out that Arjun didn't mention the real reason behind this surge. According to the investigator, it's all about laundering cash from those North Korean hacks. Crazy stuff!

"Fun fact: Whenever your favorite cross-chain bridge flexes record usage/volume stats for the month, there’s a high likelihood the activity came from DPRK laundering funds from hacks," ZachXBT dropped that truth bomb.

North Korean Hackers Launder Half of Bybit's Money

ZachXBT spilled the beans: that spike in network volume? Probably all those hackers laundering Bybit's loot. These guys are slick, using all sorts of tricks to hide where the money's coming from, which jacks up the network activity like crazy.

"Usage gets overstated because they repeatedly chain hop back and forth to obfuscate movements," ZachXBT explained. He went on to say that "DPRK represented at minimum 15-25% of LiFi activity during the period of time."

Even though blockchain transactions are supposed to be clear as day, these hackers use sneaky moves like chain-hopping, token swaps, and spreading the cash across thousands of wallets. It's like trying to find a needle in a haystack!

And guess what? The Bybit hackers? They pulled it off. By the end of May, over half of the $1.4 billion they swiped was nowhere to be found on-chain. They laundered it right under our noses!