Non-KYC centralized exchange exchanges have strongly denied allegations of stolen funds from historic Bybit Hacks on behalf of the infamous Lazarus group.
The accusations widely debated on social media and on Blockchain Research Forums allege that the exchange has processed millions of dollars with stolen funds related to North Korean hacking groups.
In response to these accusations, Exch issued an official statement on February 23, 2025. The exchange has labelled these claims as part of an unfounded “FUD attack.”
“We haven't washed the money for Lazarus/DPRK,” the exchange said.
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Bibit suffers $1.5 billion in crypto hack loss
The Buybit Hack is now confirmed as the biggest cryptocurrency theft in history, with attackers stealing more than $1.4 billion after breaching the exchange's Ethereum Multi-Sig Cold Wallet.
The scale of the incident sent shockwaves throughout the industry, raising concerns about security vulnerabilities and risk management practices in major exchanges.
Binance founder Changpeng Zhao was troubled by the situation shortly after the news of the hack broke.
In a February 21, 2025 post on X (formerly Twitter), Zhao proposed temporarily suspending all withdrawals as a precautionary measure to ensure system integrity.
He commented, “It's not an easy situation to deal with. As a standard security precaution, it may suggest that we will stop all withdrawals a bit. We will provide assistance if necessary. Good luck!”
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$30 million laundry claim linked to the Lazarus Group
Ext refuses to cooperate after being linked to a North Korean hacker
@bybit_official A request for assistance was denied due to exchange, a coin mixer used by North Korean hackers.
– Crypto Luffy (@cryptoluffy007) February 23, 2025
The controversy began when prominent blockchain investigator ZachxBT claimed by telegram mail that the exchange had processed $35 million worth of stolen funds from the Bibit Hack. He also claimed that the exchange accidentally sent 34 ETH (about $96,000) to another Exchange hot wallet.
Other blockchain analysts and security firm Slomast supported these allegations. He said the exchange received Ethereum (ETH) from the wallet associated with the Bibit Exploit.
Nick Bucks, a member of the Security Alliance White Hat Hacker Group, further estimated that the exchange had processed approximately $30 million in funds related to North Korea on the same day. Additionally, some of the stolen ETH has been converted to other ciphers on the exchange's platform.
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Key takeout
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The Buybit Hack is now confirmed as the biggest cryptocurrency theft in history, with attackers stealing more than $1.4 billion after breaching the exchange's Ethereum Multi-Sig Cold Wallet.
The exchange denied fraud, but acknowledged that the stolen funds have entered its platform highlighting the challenges non-KYC exchanges face in preventing illegal trading.
Non-Post Kyc Crypto Exchange has denied allegations of Lazarus Group's laundering bibit hack fund.
