in

Notorious North Korean hacker group recognized as suspect for $100M Concord assault



The Lazarus Group, a well known North Korean hacking syndicate, has been recognized as the first suspect within the latest assault that noticed $100 million stolen from the Concord protocol. 

In response to a brand new report printed right this moment by blockchain evaluation agency Elliptic, the way through which Concord’s Horizon Bridge was hacked and the best way stolen digital belongings had been consequently laundered bears a placing resemblance to different Lazarus Group assaults.

“There are sturdy indications that North Korea’s Lazarus Group could also be chargeable for this theft, primarily based on the character of the hack and the following laundering of the stolen funds.”

Moreover, Elliptic outlined precisely how the heist was executed, noting that The Lazarus Group focused the login credentials of Concord staff within the Asia Pacific area to breach the protocol’s safety system. After gaining management of the protocol, the hackers deployed automated laundering applications that moved the stolen belongings late at night time.

Elliptic additionally famous that the hackers have already transferred over 40% of the $100 million to Twister Mixer, an Ethereum-based “mixing service” that obscures transaction information and makes it extraordinarily tough for investigators to hint the motion of funds.

Initially, the Concord group supplied up a $1 million bounty as an incentive for the hackers to return the funds. Nonetheless, on June 29, Concord upped the bounty to $10 million, and claimed {that a} full return of funds would stop the investigation and no additional legal expenses could be pursued.

The $600 million Ronin bridge hack, which occurred in April, has additionally been linked again to The Lazarus Group. On account of present market circumstances, the worth of the stolen Ether (ETH) has plummeted greater than 60% all the way down to $230 million.

A latest report from Coinclub.com signifies that North Korea has deployed 7,000 full-time hackers to lift funds via cyberattacks, ransomware and crypto protocol hacks. North Korea is the world chief in cryptocurrency-related crime, with over 15 documented situations of cyber theft amounting to roughly $1.59 billion in stolen funds.

Associated: Concord hacker sends stolen funds to Twister Money mixer

Concord’s Horizon Bridge is the newest addition to a rising checklist of token bridges which have been attacked, together with Meter, Wormhole and Ronin, bringing the whole quantity of bridge token-related theft to a bit over $1 billion in 2022 alone.

The biggest token bridge to be hacked was Poly Community in 2021, which misplaced $610 million that was nearly solely returned.