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BlockNews
Home CRYPTO

North Korean Hackers’ Bold $12M Ether Laundering Scheme Unveiled

Conie by Conie
March 14, 2024
in CRYPTO
Reading Time: 3 mins read
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  • North Korean hacking group Lazarus allegedly laundered over $12 million stolen from cross-chain bridge Heco using Tornado Cash mixing service to obscure the money trail.
  • Hack illustrates ongoing threat that crypto bridges face from sophisticated hacking groups; bridges aim to facilitate interoperability but have proven vulnerable.
  • Incident highlights challenge regulators face dealing with privacy tools like Tornado Cash that aid money laundering; Elliptic tracking stolen funds but sanctions may prevent cash out.

The hacking group sent more than 40 transactions to Tornado Cash over the past 24 hours.

Details of the Hack


The North Korean hacking group known as Lazarus has allegedly laundered over $12 million in cryptocurrency stolen from the cross-chain bridge Heco using the tornado cash mixing service.

According to blockchain analysis firm Elliptic, the funds were stolen on October 22nd. Elliptic claims the hackers have sent over 40 transactions to tornado.cash in the past 24 hours in an attempt to obfuscate the money trail.

Tornado Cash is an Ethereum mixing protocol that aims to preserve the privacy of users by obscuring the source of funds. However, this also makes the service attractive for money laundering and other illicit finance activities.

NEW: 🇰🇵 North Korean hackers have laundered $12 million in $ETH through Tornado Cash over the last 24 hours

— BlockNews.com (@blocknewsdotcom) March 14, 2024

The alleged hack illustrates the ongoing threat crypto bridges face from sophisticated hacking groups. Bridges aim to facilitate interoperability between different blockchains but have proven vulnerable to security flaws that can lead to major exploits.

Response


The alleged hack also highlights the enforcement challenge regulators face when dealing with privacy-enhancing tools like tornado.cash. OFAC sanctioned tornado.cash in August due to concerns over money laundering. However, decentralization makes restrictions difficult to enforce in practice.

Elliptic says it is continuing to track the stolen funds and that the Lazarus group may face difficulties cashing out due to the sanctions. The report concludes that the hack demonstrates the group’s interest in targeting DeFi protocols for exploitation.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Blockchaincryptoethereumtornado cashWeb3
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Conie

Conie

Conie is a Web3 enthusiast, an experienced creative writer, and a passionate gamer. With her ability to fuse innovation with imagination, she brings a distinctive perspective to each piece she writes, delving into the ever-changing territories of the digital world, storytelling, and virtual adventures.

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