ZachXBT: Entity Launders Bybit Hack Funds Through Meme Coin Issuance and Trading on pump.fun

BlockBeats News, February 23rd, on-chain sleuth ZachXBT revealed in a post on his personal channel that a certain entity was laundering money from the Bybit hack through issuing and trading meme coins on pump.fun.

On February 22nd, the attacker received $1.08 million in funds from the Bybit hack at address "0x363908...d7d1" and then transferred the USDC to the Solana network. Subsequently, all the USDC on the Solana network was cross-chain transferred to two addresses on the BSC network. These two BSC addresses programmatically dispersed the USDC to over 30 addresses before consolidating it. Following this, 106,000 USDC was split among 10 BSC addresses and then cross-chain transferred back to 10 Solana addresses. The money launderer then exchanged the received SOL for meme coins.

15 hours ago, on-chain sleuth ZachXBT publicly disclosed over 920 addresses that received funds from the Bybit hack and found that a money launderer had previously issued meme coins for the North Korean hacker group Lazarus Group through the pump.fun platform. For security reasons, specific wallet addresses are not disclosed at the moment, and multiple analysis tools have been requested to take down related interfaces.