Recent cryptocurrency thefts in the amount of one hundred million dollars may have been the work of North Korea.
Three digital investigative agencies came to the conclusion that North Korean hackers were most likely behind an assault that took place last week and stole as much as $100 million worth of cryptocurrency from a corporation in the United States. The story was published by Reuters.
On June 23, crypto assets were taken from Horizon Bridge, a service run by the Harmony blockchain that enables assets to be moved to other blockchains.
Since then, action by the hackers implies they may have links to North Korea, which experts believe is among the most frequent cyber attackers. According to the people who monitor sanctions for the United Nations, Pyongyang is said to use the stolen monies to boost its nuclear and missile programs.
Chainalysis, a blockchain company that is working with Harmony to investigate the attack, said on Tuesday that the method of attack and the high velocity of structured payments to a mixer, which is used to obscure the origin of funds, are similar to previous attacks that were attributed to actors with ties to North Korea. Chainalysis made its statement on Twitter.
According to a study published on Thursday by a different company, Elliptic, there are strong indicators that North Korea’s Lazarus Group may be involved in this heist. These suspicions are based on the nature of the attack as well as the subsequent laundering of the assets that were taken.
Located on the pattern of the transactions, Nick Carlsen, a former FBI analyst who now studies North Korea’s cryptocurrency thefts for TRM Labs, a company based in the United States, claimed that preliminary evidence suggests that this may have been a hack perpetrated by North Korea.
According to the report, the thief is trying to sabotage the chain of events leading back to the initial theft. Cashing out the money at an exchange is made easy by this method.
This would be the seventh incident this year – totaling $1 billion in stolen assets – that can be confidently ascribed to North Korea, or 60% of the total monies taken in 2022, according to Chainalysis.
Experts and South Korean officials told Reuters that the recent decline in bitcoin prices may have hampered North Korea’s ability to cash in on its stolen riches, potentially endangering a major source of money for the sanctions-strapped government.
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Source: https://thecryptobasic.com/2022/06/30/north-korea-might-be-behind-a-recent-100-million-us-horizon-bridge-hack/?utm_source=rss&utm_medium=rss&utm_campaign=north-korea-might-be-behind-a-recent-100-million-us-horizon-bridge-hack