Monday, January 30, 2023

FBI Says North Korea Accountable for $100 Million Concord Protocol Crypto Hack

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The FBI says that cybercriminals related to the North Korean regime are answerable for an assault on a U.S.-based crypto undertaking, Concord Protocol, that led to over $100 million in losses final yr.

On Monday, the FBI revealed a quick assertion explaining that it had lately completed an investigation confirming that the well-known North Korean hacker group referred to as “Lazarus” was answerable for the hack. The hack concerned the concentrating on of a crypto “bridge”—a sort of digital asset switch mechanism that have turn out to be widespread targets for hackers lately. The assault, which passed off final June, exploited safety vulnerabilities inside Concord’s Ethereum primarily based bridge, Cointelgraph reviews.

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

For years, cybercriminals related to the Hermit Kingdom have been blamed for high-profile hacks on web3 tasks. Researchers say that the DPKR’s hackers aren’t simply lining their very own pockets, however regularly use the cash stolen in crypto hacks to assist finance the regime’s initiatives—together with its nuclear weapons program. Final yr, the Lazarus group can also be alleged to have compromised the Ronin Bridge, a well-liked crypto undertaking. The hackers finally made off with over $600 million {dollars} in property, 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 “establish and disrupt North Korea’s theft and laundering of digital forex, which is used to assist North Korea’s ballistic missile and Weapons of Mass Destruction packages.”

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