Crypto exchanges Binance and Huobi have frozen cryptocurrencies value roughly $1.4 million linked to North Korea, in keeping with blockchain analytics agency Elliptic. The agency famous that the stolen funds, which had been dormant till just lately, originated from the June 2022 hack of Concord’s Horizon Bridge.
Blockchain analytics agency Elliptic stated Tuesday that it has collaborated with cryptocurrency exchanges Binance and Huobi “to freeze Lazarus Group hack proceeds.” Elliptic wrote:
Crypto exchanges Binance and Huobi at present froze accounts containing roughly $1.4 million in cryptoassets originating from the June 2022 hack of Concord’s Horizon Bridge.
“The Horizon cross-chain bridge was attacked on June twenty fourth 2022, ensuing within the lack of $99.6 million in cryptoassets. These funds had been then laundered by way of the now-sanctioned Twister Money,” the blockchain analytics agency detailed. Ethereum mixer Twister Money was banned final August by the U.S. Division of the Treasury’s Workplace of Overseas Asset Management (OFAC).
The Horizon Bridge hacker despatched over 98% of the $100 million in stolen crypto property into the Twister Money mixer, Elliptic stated in June final yr. The stolen crypto property included ether (ETH), tether (USDT), wrapped bitcoin (WBTC), and Binance coin (BNB), the agency famous, including that the hacker instantly used Uniswap to transform the Ethereum-based property into 85,837 ETH.
Elliptic investigators traced the funds’ full path by way of the mixer, and attributed the hack to the Lazarus Group, a North Korea-controlled cybercrime group. The Federal Bureau of Investigation (FBI) later confirmed Lazarus Group’s involvement within the hack. Elliptic continued:
The stolen funds remained dormant till just lately, when our investigators started to see them funneled by way of advanced chains of transactions to exchanges.
Elliptic CEO Simone Maini commented:
At present, cash laundering was detected and stolen funds linked to North Korea had been frozen, in actual time.
“As an trade we now have the facility and accountability to forestall digital property changing into a haven for cash launderers and sanctions evaders, and be certain that they’re a power for good,” the CEO added.
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