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China’s underground networks were ready for Bybit incident, analysts say

The quick laundering of over $400 million from Bybit’s hack suggests North Korea may have expanded its operations, analysts say. Over $400 million from Bybit ‘s $1.46 billion incident was laundered in just days, with analysts at blockchain forensic firm TRM Labs now raising serious concerns that North Korea may have expanded its laundering operations. In a Feb. 27 blog post , the analysts pointed out that Bybit’s attackers moved nearly half a billion in less than a week, using intermediary wallets, crypto swaps, decentralized exchanges, and cross-chain bridges to hide the trail. “This rapid laundering suggests that North Korea has either expanded its money laundering infrastructure or that underground financial networks, particularly in China, have enhanced their capacity to absorb and process illicit funds.” TRM Labs You might also like: ‘Blind signing is an issue, but not the prime suspect’ expert says on Bybit $1.4b saga The analysts note that North Korean hackers typically use crypto mixers to hide stolen funds before cashing out. But the scale of the Bybit incident has forced them to adopt new methods. Instead of mixers, they are now using multiple wallets and decentralized platforms to obscure the money trail. Initially, some stolen Ethereum was sent through BNB Chain and Solana . Now, most of it has been sent to the Bitcoin network. Despite the quick laundering, much of the Bitcoin remains untouched, suggesting the attackers are preparing for large-scale liquidation through OTC networks, the analysts suggest. Bybit lost $1.46 billion in a multi-stage attack, which security experts link to Safe Wallet. The attackers reportedly compromised a Safe{Wallet} developer’s device, tricking Bybit’s Safe wallet owner into signing a malicious transaction. Read more: Crypto mixers were allegedly used to launder funds stolen from Bybit and Infini. Will pro-Bitcoin countries ban crypto mixers? CoinOtag

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Is Dogecoin (DOGE) Ready for a Comeback? Analysts Share Insights

TL;DR Bullish signals suggest a Dogecoin revival, with a breakout above $0.29124 potentially pushing the price to $0.50-$0.60. However, concerns arise as DOGE’s network activity and futures trading volume plummet, with warnings of a potential crash to $0.06 if the valuation drops below $0.19. Can the Bulls Retake Control? The past few days have been devastating for the cryptocurrency market, with the prices of numerous leading digital assets crashing by double digits. One of the worst affected was Dogecoin (DOGE), whose valuation is down almost 20% on a weekly scale and currently trades at roughly $0.21. DOGE Price, Source: CoinGecko Some analysts , though, believe the bearish trend might soon be over. The popular X user Ali Martinez claimed that the meme coin appears ready for a rebound as the TD Sequential indicator flashes a buy signal on the daily chart. Rose Premium Signals also outlined a bullish forecast. The industry participant assumed that DOGE approaches “a key reversal zone,” claiming that a breakout above $0.29124 could confirm a rally toward new peaks. The X user thinks the long-term targets sit at around $0.50-$0.60, with the potential for further upside. “If momentum continues, Dogecoin could reclaim its meme coin throne and push toward higher levels,” they concluded. The Bearish Scenario Contrary to his optimistic prediction, Martinez recently presented some worrying data involving the biggest meme coin in terms of market capitalization. He estimated that Dogecoin’s network activity has dwindled in the past few months, with new addresses dropping from almost 1.3 million in November 2024 to just 30,815 as of today (February 27). Additionally, DOGE’s total futures trading volume has tumbled from $58.2 billion in November last year to just $992 million on February 26. These developments typically signal reduced user engagement, which could be interpreted as bad news from investors and hamper interest in the meme coin. Earlier this week, Martinez saw a probability of a DOGE price crash to as low as $0.06. He believes this could happen if the price plunges below $0.19. As mentioned above, the valuation plummeted substantially in the past few days but did not go below the depicted mark. The post Is Dogecoin (DOGE) Ready for a Comeback? Analysts Share Insights appeared first on CryptoPotato . CoinOtag