North Korean Hackers Lazarus Group Move Over $60M From Stolen Harmony Funds
North Korea’s Lazarus Group, a hacking organization, has reportedly moved $64 million worth of Ethereum (ETH) from a hack of the Harmony blockchain project.
The movement of the funds, which took place on January 15th, was first detected by blockchain analytics firm Chainalysis.
Movement Of Stolen Funds
According to reports, the Lazarus Group had initially stolen the funds in a hack of the Harmony blockchain project in July 2020.
The group then proceeded to channel the stolen ETH through a series of transactions on decentralized exchanges (DEXs).
This latest move by the Lazarus Group highlights the ongoing problem of state-sponsored hacking and cryptocurrency theft.
In recent years, North Korean hackers have been increasingly active in the cryptocurrency space, with the Lazarus Group believed to be behind several hacks.
In response to this latest incident, the Harmony project has issued a statement condemning the hack and the subsequent movement of the stolen funds. The project has also announced that it is working with the authorities and blockchain analytics firms to trace the stolen funds and bring the perpetrators to justice.
Hackers Carrying Out Operation Through DeFi Platforms
The use of decentralized exchanges in the laundering of stolen funds has also been a growing concern for cryptocurrency exchanges and regulators.
DEXs, which operate on a decentralized, peer-to-peer basis, offers more anonymity and less regulation than centralized exchanges.
This makes them an attractive option for hackers and other criminal actors looking to launder stolen cryptocurrency.
Meanwhile, regulators and exchanges are also taking steps to combat the use of DEXs in money laundering and other illegal activities.
The U.S. Financial Crimes Enforcement Network (FinCEN) recently proposed new regulations for DEXs, which would require them to collect and verify the identities of their users.
Despite these efforts, the Lazarus Group’s latest move serves as a reminder of the ongoing threat of state-sponsored hacking and cryptocurrency theft. It also underscores the need for ongoing efforts to improve security and increase regulatory oversight in the cryptocurrency space.
These hacks highlights the ongoing problem of state-sponsored hacking and cryptocurrency theft. The use of DEXs in the laundering of stolen funds has also been a growing concern for cryptocurrency exchanges and regulators.
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