Lazarus group as a perpetrator for 100 million dollar-harmony-bridge-hack suspected
Lazarus group as a perpetrator for 100 million dollar-harmony-bridge-hack suspected
Mistrack-a crypto tracking and compliance platform-has published updates for its examination of the Harmony Bridge Hacks, which endangered $ 100 million last June.
You found that the notorious North Korean hacking organization The Lazarus Group is probably behind the theft.
The movement of funds
Nevertheless, the platform found that many funds were transferred to stock exchanges such as Huobi, Binance and OKX. These funds were then "quickly converted into BTC" before they were deducted from the stock exchanges.
Next, the BTC was "several multi-layered transfers" before some of the funds were returned to the stock exchanges. In the meantime, other bridges to Avalanche were due to several cross-chain exchanges for USDT and USDD stable coins that are bound to the US dollar.
Other funds were transferred to Ethereum and finally to Tron, where the recipient addresses referred to a "mixed USDT network".
blockchain bridges
A bridge enables users, assets that are otherwise transferred to other chains in a blockchain (e.g. BTC for Bitcoin; ETH for Ethereum). This is usually achieved by blocking their tokens at a special address in the source block chain, while tokenized equivalents are shaped equally on the other chain.
Unfortunately, bridges have become popular destinations for hackers that are witnesses of some of the most catastrophic crimes in the history of Defi. One of these thefts was the Harmony-Bridge-Hack itself, in which ETH worth $ 100 million was stolen in June.
months earlier, an independent researcher called "ape dev" warned that Harmony could lose all of his money if only two of the four private keys that would be checked, compromised, possibly for up to $ 330 million.
Other great hacks last year were the $ 600 million + ronin-bridge-hack emptied. In this case, 5 out of 9 keys that control the bridge were compromised, which could take over 170,000 ETH and 25 million USDC.
These funds were also stolen by the Lazarus group, from which only 5 % of the funds have been reclaimed since then.
Jeremy Allaire, CEO from Circle, recently tweeted Blockchain bridge for USDC. In contrast to other bridges, it does not contain a large honeypot that can be attacked by hackers.
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