Lazarus Group Moves $63.5M Harmony Bridge DeFi Hack Funds

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North Korea’s Lazarus Group has moved $63.5 mil­lion of the cryp­to funds it stole from the Har­mo­ny Bridge hack last year. The group con­tin­ues to uti­lize new meth­ods to exploit and pil­fer the vul­ner­a­ble DeFi sector.

Lazarus Group, the hack­ing group asso­ci­at­ed with North Korea, has moved $63.5 mil­lion from the Har­mo­ny Bridge hack it was respon­si­ble for last year. 

Reports have emerged online that the hack­ing unit moved the funds through the pri­va­cy plat­form Rail­gun before deposit­ing the obfus­cat­ed funds on three dif­fer­ent exchanges.

There are over 350,000 address­es asso­ci­at­ed with the 41,000 ETH trans­fer, which took place on Jan.13. This is a small fig­ure in the group’s over­all col­lec­tion from thefts, which amounts to about $620 mil­lion in 2022 alone.

The group was also respon­si­ble for the infa­mous hack of Ronin Bridge, which saw a whop­ping $600 mil­lion stolen. Such inci­dents have led gov­ern­ments and cryp­to plat­forms to pay much more atten­tion to secu­ri­ty, par­tic­u­lar­ly in the case of cryp­to bridges.

There is no rea­son to think that Lazarus Group will stop its attacks any time soon. Cryp­to enti­ties have been wary of a repeat of 2022, while gov­ern­ments are redou­bling their focus on cryp­to regard­ing sanctions.

Kaspersky: Lazarus Group Impersonating VC Firms

Lazarus’ con­tin­ued attempts at attack­ing the mar­ket are backed up by a few star­tling reports pub­lished recent­ly. Cyber­se­cu­ri­ty firm Kasper­sky stat­ed that the group is imper­son­at­ing ven­ture cap­i­tal­ists to invest in cryp­to startups.

Kasper­sky revealed that the group cre­at­ed fake web­sites for ven­ture cap­i­tal com­pa­nies and banks to win cryp­to star­tups over. The Lazarus Group is using mal­ware to attack var­i­ous ele­ments of com­pa­nies in the indus­try, accord­ing to the cyber­se­cu­ri­ty firm.

Reports of North Korea attack­ing cryp­to busi­ness­es date back to 2020. The indus­try is bol­ster­ing itself for bet­ter pro­tec­tion, but its nature means that there are sev­er­al easy tar­gets for hack­ers. The coun­try is using funds from cryp­to hacks to devel­op nuclear weapons.

CertiK’s Web3 Security Report: 2022 All-Time High for Stolen Crypto 

Blockchain secu­ri­ty firm Cer­tiK recent­ly released its 2022 Web3 Secu­ri­ty report, offer­ing some insight into the secu­ri­ty events of 2022. It not­ed that last year was the “worst year on record in terms of val­ue lost from Web3 protocol.”

Bridge attacks have been a par­tic­u­lar­ly favored attack method, with nine such inci­dents rep­re­sent­ing over one-third of the total val­ue lost. This year, the total val­ue lost from hacks, exploits, and scams was $3.7 bil­lion — an all-time high. On a pos­i­tive note, white hat hack­ers saved over $20 bil­lion in poten­tial loss­es in 2022.

Disclaimer

BeIn­Cryp­to has reached out to com­pa­ny or indi­vid­ual involved in the sto­ry to get an offi­cial state­ment about the recent devel­op­ments, but it has yet to hear back.



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