Lazarus Group Launders $27 Million In ETH From Harmony Hack

Over the weekend, North Korea’s Lazarus Group laundered 17,000 ETH from the Harmony hack.

17,000 ETH from the Harmony bridge attack that Lazarus Group, a hacker collective linked to North Korea, carried out last year has been laundered. Weekend transfers reached over $27 million.

ZachXBT, a detective and analyst for the cryptocurrency market, published details on the transfers of the funds on January 29. He first observed that Lazarus had shifted 11,304 ETH, noting the principal addresses involved.

Who’s active rn? DPRK just finished laundering another $17.7m+ (11304 ETH) from the Harmony Bridge hack. S/o to the exchanges who responded quickly on a weekend so funds could be frozen.

Fourteen addresses linked to BTC withdrawals, and six exchanges received the funds. The amount of frozen funds is unknown. Furthermore, North Korea targets crypto, funds believed to fund nuclear missile programs, and Lazarus Group is linked to multiple crypto attacks.

Lazarus Group moves $93.5M from Harmony Bridge attack ($63.5M mid-Jan, $30M over weekend). Moreover, north Korea may transfer more funds as Lazarus Group launders money. Group has carried out other crypto attacks, and more funds may exist.

The FBI confirmed the Lazarus Group’s involvement in the Harmony Bridge attack last week. Binance and Huobi eventually recovered over 124 BTC. 50% of all DeFi exploits use cross-chain bridges, making them a popular attack target.

Related Reading | Moody’s Creating Stablecoin Evaluation System With 20 Coin Scores

The attack on the Ronin Bridge last year may have been the most important one, and the Lazarus Group carried out this robbery of $600 million. Although it looks like attackers will continue to flood the DeFi market in search of exploits, it encouraged DeFi companies to emphasize security.

Comments (No)

Leave a Reply