Lazarus Group Transfers 41K of ETH from Harmony Bridge Hack

  • January 25, 2023

Before moving funds somewhere else, Lazarus Group transferred around 41,000 Ether (ETH) to Binance, Huobi and OKX.

Lazarus Group, a cybercrime group run by the government of North Korea, has reportedly moved over $63 million worth of Ethereum (ETH) over the weekend.

According to the tweet shared by an on-chain detective ZachXBT, the moved funds were related to the Harmony bridge hack, which occurred in June 2022.

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The malicious actors have reportedly used a privacy and anonymity system called Railgun to hide traces and remove identifying information from the transaction data. Afterwards, before transferring funds somewhere else, Lazarus Group moved around 41,000 ETH to three cryptocurrency exchanges, Binance, OKX and Huobi.

In the report, ZachXBT claimed that Lazarus Group used over 350,000 wallet addresses to transfer funds.

On the same day, Binance co-founder and chief executive officer (CEO) Chanpeng “CZ” Zhao revealed that Binance and Huobi froze accounts related to Harmony One hackers.

In the tweet, Binance CEO claimed that Binance and Huobi managed to recover 124 Bitcoin (BTC) worth around $2.6 million.

Harmony’s Horizon Bridge was exploited on June 24th, 2022. The malicious actors stole more than $100 million worth of crypto. At that time, it was reported that hackers obtained a significant amount of Ethereum (ETH), Tether (USDT), Wrapped Bitcoin (wBTC) and Binance Coin (BNB).

The Horizon Bridge exploit was one of the biggest in 2022. It is believed that Lazarus Group initially stole employee credentials to login into Harmony’s security system. After gaining access to the security system, hackers reportedly set up money laundering programs to collect funds.

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree

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