Hackers with North Korea Links Launder $27M in Crypto: Report

• A crypto analyst going by the social media moniker ZachXBT claims that actors allied to the Democratic People’s Republic of Korea (DPRK) have laundered another tranche of funds stolen last year from Harmony’s Horizon Bridge.
• The rogue state, or people acting on its behalf, consolidated the stolen funds into two primary addresses before disbursing them to six different crypto exchanges.
• At the time of writing, ZachXBT had mapped out 895 bitcoin (BTC) withdrawals to 14 addresses from the exchanges. At current rates, the BTC withdrawn by the hackers is worth about $20.6 million.

A crypto investigator going by the social media moniker ZachXBT has revealed that hackers with links to the Democratic People’s Republic of Korea (DPRK) have laundered another tranche of funds stolen last year from Harmony’s Horizon Bridge. According to the analyst, the hackers moved 11,304 Ethereum (ETH) worth $17.7 million over the weekend, which was consolidated into two primary addresses before being dispersed to six different crypto exchanges.

The hacker group, which is believed to be the same group behind the $100 million Harmony Bridge hack, also withdrew 895 Bitcoin (BTC) worth $20.6 million to 14 separate addresses. ZachXBT also revealed that he had discovered another address with 5,974 ETH worth $9.4 million, bringing the entire haul laundered over the weekend to 17,278 ETH with a market value of $27.1 million.

While the true identity of the hackers remains unknown, ZachXBT believes that they are part of the Lazarus Group, a notorious group of hackers with alleged links to the North Korean government. The group is known for its sophisticated cyber-attacks on financial institutions around the world and its ability to successfully launder funds from its heists.

The analyst’s revelations are particularly worrying for crypto exchanges, who must now be on the lookout for these hackers. Despite the fact that the crypto exchanges involved in the recent laundering operation were quick to respond and freeze the funds before they could be withdrawn, the group still managed to get away with a significant amount of money.

This latest incident serves as a stark reminder that crypto exchanges need to be constantly vigilant when it comes to security. Moreover, it highlights the need for exchanges to implement robust security measures such as two-factor authentication, whitelisting, and KYC/AML processes in order to protect their users’ funds.