• Mon. Mar 4th, 2024

North Korea Attempts to Use a Cross-Chain Scheme to Launder Stolen Cryptocurrency

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ByMarcel Bich

Aug 30, 2023
North Korea's Cryptocurrency Laundering
Marcel Bich
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Through a series of cross-chain transfers, North Korean-led Lazarus hackers are attempting to hide the evidence of their compromises of the Harmony cross-chain bridge, the Atomic Wallet cryptocurrency wallet, and the CoinsPaid and Alphapo crypto projects. Taylor Monahan, the creator of the cryptocurrency wallet MyCrypto, talked about this on “Twitter”.

She claims that over the course of the last day, the attackers have already spent around $8.5 million in cryptocurrencies on three different networks: Ethereum, Avalanche, and Bitcoin. Between $25 million and $50 million has been laundered through such cross-chain fraud in recent weeks.

The Attack

Before actually moving the assets to the new blockchain network, the attackers split up the stolen cryptocurrency among hundreds of wallets but tie them all to a single address. Hackers executed more than 500 transactions as part of the operation, according to Monahan.

“I’ll be upfront and say it’s pretty horrible to watch Lazarus loop around blockchains with impunity. They have no shame and are certain that no one will even attempt to stop them, according to Monahan. There is clear doubt that members of the Lazarus hacking organization are responsible for such a significant crypto laundering scam, according to researcher @ZachXBT. 

He said that he was able to identify transactions that linked the North Korean gang to the cryptocurrency market hacks. According to @ZachXBT, hackers took bitcoins worth more than $290 million in total. He also points out that, as of August 2023, the majority of stolen cryptocurrency are mixed in with over-the-counter (OTC) marketplaces on the network TRON.

According to Monahan, it is past due for the cryptocurrency world to acknowledge that North Korea’s criminal conduct has gotten to previously unheard-of levels, and that ongoing market hacks are harming the entire sector. Read in the printed editions of BeInCrypto about how much the DPRK stole from the South Korean crypto market.

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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.