The Lazarus Group in North Korea moved $63.5 million in crypto funds it stole from the Harmony Bridge hack in 2022. The group continues to use new methods to exploit and steal the vulnerable DeFi sector.
The Lazarus Group, a North Korea-linked hacking group, has turned over more than $63.5 million in the Harmony Bridge hack for which it was responsible last year.
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Reports have surfaced online that the hacking unit moved funds through privacy platform Railgun before depositing the opaque funds on three different exchanges.
There are more than 350,000 addresses linked to the transfer of 41,000 ETH, which took place on January 13th. That’s a small number in the group’s heist total, which is about $620 million in 2022 alone.
The group was also responsible for the famous Ronin Bridge hack, which stole $600 million. Incidents like this have prompted governments and crypto platforms to pay more attention to security, especially in the case of crypto bridges.
There is no reason to believe that the Lazarus group will stop their attacks anytime soon. Crypto entities fear a repeat of 2022, while governments redouble their focus on cryptocurrencies in terms of sanctions.
Kaspersky: Lazarus Group impersonates venture capital firms
Lazarus’ continuous attempts to attack the market are supported by some surprising reports published recently. Cybersecurity firm Kaspersky has claimed that the group is posing as a venture capitalist to invest in crypto startups.
Kaspersky revealed that the group created fake websites for venture capital firms and banks to lure crypto startups. The Lazarus Group uses malware to attack various corporate elements in the sector, according to the cybersecurity firm.
Reports of cryptocurrency companies being attacked by North Korea date back to 2020. The industry is better ramping up protection, but its nature means there are a number of easy targets for hackers. The country uses cryptocurrency hack money to develop nuclear weapons.
Cryptocurrency theft broke a record in 2022, says a report
Blockchain security firm CertiK recently released its 2022 Web3 Security Report, providing insight into the security events of 2022. It noted that last year was “the worst year ever for the Web3 protocol to lose value.”
Bridge attacks were a particularly favored method of attack, with nine such incidents making up more than a third of the total value lost. That year, the total amount lost from hacks, exploits, and scams totaled $3.7 billion — an all-time record.
On the plus side, white hat hackers saved more than $20 billion in potential losses in 2022.
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