FBI Blames North Korean Hackers for $100 Million Crypto Heist

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The FBI says that cybercriminals linked to the North Korean regime are liable for an assault on a U.S.-based crypto venture, Concord Protocol, that led to over $100 million in losses final 12 months.

On Monday, the FBI revealed a brief statement explaining that it had lately completed an investigation confirming that the well-known North Korean hacker group generally known as “Lazarus” was liable for the hack. The hack concerned the concentrating on of a crypto “bridge”—a type of digital asset switch mechanism that have change into common targets for hackers in recent times. The assault, which occurred final June, exploited safety vulnerabilities inside Concord’s Ethereum primarily based bridge, Cointelgraph reports.

Officers say that on Jan. 13 of this 12 months, cash stolen in the course of the heist (a whopping $60 million in tokens) was laundered by North Korean hackers into numerous crypto wallets utilizing a privateness protocol generally known as “Railgun.” A few of these funds have been subsequently “frozen” by the crypto service suppliers controlling the wallets.

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For years, cybercriminals linked to the Hermit Kingdom have been blamed for high-profile hacks on web3 initiatives. Researchers say that the DPKR’s hackers aren’t simply lining their very own pockets, however incessantly use the cash stolen in crypto hacks to assist finance the regime’s initiatives—together with its nuclear weapons program. Final 12 months, the Lazarus group can be alleged to have compromised the Ronin Bridge, a well-liked crypto venture. The hackers finally made off with over $600 million {dollars} in belongings, making it one of many largest crypto heists in historical past.

The FBI says that it continues to work along with its regulation enforcement companions to “determine and disrupt North Korea’s theft and laundering of digital foreign money, which is used to assist North Korea’s ballistic missile and Weapons of Mass Destruction applications.”

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