Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Samyuktha Sriram

State-Sponsored North Korean Hackers Likely Behind $100M Crypto Heist: Report

The Lazarus Group, a hacking organization allegedly supported by the North Korean government, likely carried out the $100 million cyberattack on cryptocurrency project Harmony’s (CRYPTO: ONE) Horizon Bridge.

What Happened: Analysis from blockchain analytics firm Elliptic finds that the hack and subsequent laundering of funds is consistent with the activities of the Lazarus Group.

See Also: How Bitcoin Crash Could Hurt Kim Jong-Un's Weapons Tests

On June 24, hackers stole $100 million worth of cryptocurrencies, including Ethereum (CRYPTO: ETH), Wrapped Bitcoin (CRYPTO: WBTC), and Binance Coin (CRYPTO: BNB) from the Horizon Bridge.

Elliptic was able to trace the funds being laundered through coin mixing tool Tornado Cash (CRYPTO: TORN) to several Ethereum wallets.

“By sending these funds through Tornado, the thief is attempting to break the transaction trail back to the original theft. This makes it easier to cash out the funds at an exchange,” stated Elliptic in the report.

At the time of writing, a little over 35,000 ETH worth around $39 million has been sent to Tornado Cash.

The Lazarus Group has been linked to a number of large-scale crypto thefts, including the $540 million Ronin Bridge attack. Elliptic estimates that the total amount of stolen funds amassed by the group exceeds $2 billion.

See Also: $1.59B In Stolen Funds In North Korea, Leading The World For Crypto-Related Cybercrime

Photo via trambler58 on Shutterstock

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.