North Korea’s Lazarus Group masterminded $100M Concord hack: FBI confirms

by Jeremy

The Federal Bureau of Investigation (FBI) has confirmed the Lazarus Group and APT38 because the culprits behind the $100 million Concord Bridge Hack from June 2022.

The North Korea-linked cyber group had lengthy been suspected of being behind the assault however their involvement hadn’t been confirmed by authorities till now.

Based on a Jan. 23 assertion, the FBI famous that “by way of our investigation, we had been in a position to verify that the Lazarus Group and APT38, cyber actors related to the DPRK, are accountable for the theft of $100 million of digital forex from Concord’s Horizon bridge.”

The Concord Bridge hack in 2022 was the results of safety holes in Concord’s Horizon Ethereum bridge which allowed the cyber attackers to swipe a variety of belongings saved within the bridge by way of 11 transactions.

The FBI additionally outlined that the North Korean hackers began shifting round $60 million price of the stolen funds earlier this month by way of the Ethereum-based privateness protocol RAILGUN. Blockchain sleuth ZachXBT beforehand highlighted such by way of Twitter on Jan. 16.

Notably, Binance additionally detected the hackers had been making an attempt to launder the funds by way of the Huobi crypto change, after which promptly assisted it in freezing and recovering the digital belongings deposited by the hackers, in keeping with CEO Changpeng Zhao.

“On Friday, January 13, 2023, North Korean cyber actors used RAILGUN, a privateness protocol, to launder over $60 million price of Ethereum (ETH) stolen throughout the June 2022 heist,” the FBI said, including that “a portion of those funds had been frozen, in coordination with a number of the digital asset service suppliers. The remaining bitcoin subsequently moved to the next addresses.”

In its assertion, the FBI mentioned its cyber and digital belongings models, in addition to the U.S. Legal professional’s Workplace and the U.S. Justice Division’s crypto unit, have continued “to establish and disrupt North Korea’s theft and laundering of digital forex, which is used to assist North Korea’s ballistic missile and Weapons of Mass Destruction packages.”

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The Lazarus group is a well-known hacking syndicate that has reportedly had a hand in a variety of key exploits within the crypto business, and has alleged to have been behind the $600 million Ronin Bridge hack from March final yr.

In April 2022, the US Treasury Division Workplace of Overseas Property Management indicated as such, by updating its Specifically Designated Nationals and Blocked Individuals (SDN) to incorporate the Lazarus Group following the hack.

That very same month, the FBI and Cybersecurity and Infrastructure Safety Company additionally fired off a warning alert regarding North Korean state-sponsored cyber threats that concentrate on blockchain firms in response to the Ronin Bridge hack.