Thursday, September 29, 2022

North Korea suspected of involvement in the theft from blockchain Harmony

North Korean hacking group Lazarus is suspected to be behind the theft of nearly $100 million from Horizon Bridge last week’s blockchain Harmony protocol. The involvement of Lazarus is being indicated in this theft and laundering of the stolen funds.

Blockchain research firm Elliptic Report It is said that the way the hacker has planned the hack is similar to the previous hacks of Lazarus. The US government recently reported that Lazarus was involved in a roughly $625 million hack on the play-to-earn game Axie Infinity. Blockchain security firm PeckShield has revealed that the hackers who stole from Horizon Bridge have started laundering the stolen funds. Harmony had offered a reward of $1 million for the return of the stolen funds. The firm had said that legal action would not be taken against the hacker if he returned the stolen cryptocurrencies.

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The hacker stole several crypto coins worth around $100 million and exchanged them for Ethereum. The stolen coins included Wrapped Ethereum, Tether and USDC. Harmony’s Blockchain Bridge allows users to transfer digital assets between different blockchains. The hacker also stole the NFT and Metaverse Land. North Korea’s Intelligence Bureau controls the Lazarus hacking group.

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This hacking group has been accused of ransomware attacks, hacking of international banks and customer accounts. The US has asked the UN Security Council to blacklist the Lazarus Group and confiscate its assets. Cybercriminals hacked blockchains last year to steal more than $1.3 billion. Cybercriminals are targeting it due to the increasing use of cryptocurrencies and blockchain. In recent months, there have been many such cases in which firms and individuals have suffered huge losses in such cyber attacks. Some of these cases have happened with US firms belonging to the crypto segment. The US Treasury Department recently said, “We know that North Korea generates revenue from illegal activities to build nuclear weapons. It relies on illegal activities to avoid sanctions.”

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