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North Korean Hackers Behind $100 Million Crypto Theft

FBI identifies North Korea's Lazarus Group as the culprit in the $100 million crypto heist from Harmony's Horizon bridge, highlighting the link to missile programs.
Published on 2023-01-24

North Korean Hackers Target Crypto Firm

A notorious hacker group associated with North Korea, the Lazarus Group, was identified as the perpetrator behind a massive $100 million theft from the U.S.-based crypto company Harmony. The attack targeted Harmony's Horizon bridge, a crucial software for transferring digital tokens such as bitcoin and ether across different blockchains.

Laundering Stolen Cryptocurrency

In January, North Korean cyber actors utilized a privacy protocol named Railgun to launder over $60 million worth of ethereum stolen in the heist. This sophisticated laundering process involved transferring ethereum to various virtual asset providers, where it was then converted into bitcoin.

Funding Weapons Programs

The FBI disclosed that the stolen funds are reportedly used to support North Korea's ballistic missile and Weapons of Mass Destruction programs. This revelation underscores the significant threats posed by cybercrime in the digital currency sector, particularly when linked to state-sponsored actors.

Impact on Decentralized Finance

Harmony, the California-based firm affected by the heist, is known for developing blockchains for decentralized finance. These systems facilitate peer-to-peer transactions for services such as loans without relying on traditional financial institutions. The breach highlights vulnerabilities in the crypto sphere, particularly for companies operating within decentralized finance and non-fungible tokens.

This incident serves as a stark reminder of the growing sophistication of cyber threats and the need for enhanced security measures in the cryptocurrency industry.

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