Only 1.4% of Worldcoin is in circulation, reaching a market value of 80 billion. How to deal with the unlocking of 20% of the tokens?
Worldcoin's trajectory is buoyed by AI hype but faces challenges from token unlocks and utility questions.
AlexLog in/ Sign up
North Korean Hackers Suspected Of Perpetrating $100 Million Harmony Attack
Follow
North Korean hackers are being pointed at as the brains behind last week’s $100 million crypto attack at an American company, multiple news outlets reported Thursday.
The Lazarus Group, a notorious hacking group with apparent ties to the North Korean government, has been pinpointed as the main suspect in the recent attack on the Harmony protocol, in which $100 million were taken.
According to digital investigation agencies, the North Korean hackers have been implicated in a number of similar thefts in recent years. Some experts claim that the Lazarus Group is one of the world’s most persistent cybercriminals.
U.S. Says Lazarus Has Ties With NoKor Gov’t
The United States government believes that Lazarus was acting on behalf of North Korea’s covert intelligence service.
Elliptic, a blockchain analytics company, disclosed in a report that:
“The theft was achieved by compromising the cryptographic keys of a multi-signature wallet — most likely through a social engineering attack on members of the Harmony team. The Lazarus Group has routinely employed such methods.”
Suggested Reading | Three Arrows Capital In Deep Trouble As Court Orders For Its Liquidation
According to the U.S. Federal Bureau of Investigation, Lazarus is a “state-sponsored hacking organization” behind the $622 million breach of a cross-chain bridge utilized by the play-to-earn game Axie Infinity.
Cross-chain bridges facilitate the transfer of data, cryptocurrencies, and non-fungible tokens from one blockchain network to another. It permits the transfer of data and tokens between otherwise segregated data sets on multiple blockchains.
Elliptic reported that the hacking of Harmony’s Horizon Bridge and the subsequent laundering of stolen digital assets exhibit remarkable similarities to past Lazarus Group activities.
BTC total market cap at $365 billion on the daily chart | Source: TradingView.com
North Korean Hackers Good At Their Game
Lazarus targeted the login credentials of Harmony personnel in the Asia-Pacific area in order to compromise the protocol’s security firewalls, as described by Elliptic.
After taking control, the thieves utilized automated laundering software to transfer the stolen assets at night.
According to Nick Carlsen, a former FBI analyst who now studies North Korean cryptocurrency thefts for the American company TRM Labs, “based on transaction behavior, this appears to be a North Korean breach.”
Suggested Reading – Morgan Creek Said To Be In Bid To Secure $250-M To Counter FTX BlockFi Bailout
Additionally, Elliptic asserted that the North Korean hackers have already transferred more than 40 percent of the $100 million to a Tornado Cash mixer. More than 35,000 ETH worth almost $40 million have been delivered to Tornado Cash as of June 27, with the remainder in progress.
The capacity of North Korean hackers to monetize its seized wealth may have been hampered by the recent decline in the prices of crypto, academics and South Korean authorities said, jeopardizing a vital source of revenue for the sanctions-stricken hermit nation.
Featured image from BushidoToken Threat Intel, chart from TradingView.com
Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveSG
Add Comment
LoginLeave your comments
0 Comments
Earliest
Load more comments
Live Updates
Trending News
- Alex
BlastLaunch Airdrop Guidance
MiyukiIs Elon Musk Feeling Salty About OpenAI's ChatGPT Success, Driven by “Regrets” from His Early Exit?
Elon Musk's lawsuit against OpenAI alleges breaches in contracts and fiduciary duties, stemming from his concerns about the company's profit-driven focus. While an executive suggests Musk's regrets over leaving the company as a possible motive, the dispute underscores broader ethical debates in AI development.
Weatherly3 Crucial Trends Before April's Bitcoin (BTC) Halving
Bitcoin's impending halving in April 2024 is anticipated to reshape supply dynamics, potentially driving prices upwards amidst heightened demand. Investors must also monitor the Federal Reserve's March rate decisions, as they could impact Bitcoin's post-halving performance alongside market sentiment.
AnaisCrypto's Super Tuesday: Shaping Political Influence in the 2024 U.S. Election
The crypto industry is actively influencing the 2024 U.S. election, with Super PACs spending millions to back crypto-friendly candidates. However, ethical concerns arise amid the surge in crypto spending, highlighting the need for transparency and accountability in political interactions.
Weatherly$16 for Solana (SOL)?! Crypto Users Express Outrage Over FTX's Claim Window Prices
FTX has initiated its reimbursement strategy for creditors post-bankruptcy, but faces criticism over its claim window pricing, which significantly deviates from current market rates. Discontent among creditors persists due to the substantial gap between asset prices during the exchange's bankruptcy filing and their present market values.
JoyWhich company's stock is Berkshire Hathaway secretly buying?
Berkshire Hathaway intensifies investments in the financial sector, with a cautious yet strategic expansion, underscored by Warren Buffett's prudent outlook on global opportunities.
AlexWhy Telegram chose to sell excess TON below the market price?
Telegram plans to sell excess TON tokens below market value to avoid centralisation, aiming for a healthier, decentralized ecosystem amidst growing concerns and robust ecosystem growth.
MiyukiMeme Coin Mania: WIF, PEPE, DOGE, SHIB, FLOKI, and BONK Explode with Triple-Digit Gains
Meme coins, including WIF, PEPE, SHIB, DOGE, FLOKI, and BONK, are surging with triple-digit gains, outshining Bitcoin in the crypto market. While Bitcoin inches towards its all-time high, meme coins dominate the spotlight, showcasing unprecedented growth amidst bullish market sentiment.
AnaisBreaking Down Bonkwifhat (BIF): The New Memecoin on Solana Blockchain
$BIF, a new memecoin on Solana, surged in value rapidly, drawing attention with its humorous branding and endorsements from influencers. Its fusion of popular memecoins Bonk and Dogwifhat has sparked enthusiasm among investors, but caution is advised amidst the volatile crypto market.
Joy