Interaction Detected Between Wallet Tied to Euler Finance Exploiter and North Korea’s Lazarus Group

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On-chain ana­lyst Lookon­chain detect­ed an address tied to the exploiter of the Ethereum-based lend­ing pro­to­col sent 100 Ether (approx­i­mate­ly $171,700) to a wal­let asso­ci­at­ed with Lazarus Group’s mam­moth Ronin net­work hack.

While it is still unclear if the Euler exploiter is affil­i­at­ed with the North Kore­an state-spon­sored cyber threat group linked to the North Kore­an Recon­nais­sance Gen­er­al Bureau (RGB), the inter­ac­tion is pecu­liar as many com­mu­ni­ty mem­bers had pre­vi­ous­ly spec­u­lat­ed that the noto­ri­ous col­lec­tive could be behind it.

  • Lazarus Group was ini­tial­ly sanc­tioned by OFAC in 2019 and has been involved in sev­er­al exploits. In addi­tion to the $625 mil­lion exploit of Axie Infinity’s Ronin net­work, it was also behind last year’s $100 mil­lion Har­mo­ny bridge hack.
  • Euler Finance, on the oth­er hand, was exploit­ed in a flash loan attack on March 13th.
  • Fur­ther inves­ti­ga­tion revealed that the vul­ner­a­bil­i­ty remained on-chain for eight months pri­or to the exploit despite a $1 mil­lion bug boun­ty in place.
  • Over a peri­od of two years, six secu­ri­ty firms name­ly  – Hal­born, Solid­i­fied, ZK Labs, Cer­to­ra, Sher­lock, and Omnisi­ca – con­duct­ed ten sep­a­rate audits on the lend­ing pro­to­col, accord­ing to Euler Labs CEO Michael Bentley.
  • Euler received “noth­ing high­er than low” that “pose no sig­nif­i­cant threats” in terms of risk assess­ment by these firms.
  • Mean­while, a $2 mil­lion boun­ty was offered by the team behind the pro­to­col for infor­ma­tion to uncov­er the hacker’s iden­ti­ty. Hours lat­er, the attack­er start­ed mov­ing funds through the cryp­to mix­er Tor­na­do Cass in ten transactions.
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