• Uncategorised

North Korea pulled huge $600 million crypto heist, feds say

The U.S. Department of the Treasury managed to track down the culprit of the massive Axie Infinity cryptocurrency heist. It turns out that a North Korean hacker group called Lazarus stands behind the theft, which amounted to over £600 million worth of crypto being stolen.

In response to the theft, the group involved had been added to the U.S. international sanctions list.

THREAD: Updates to OFAC’s SDN designation for Lazarus Group confirm that the North Korean cybercriminal group was behind the March hack of Ronin Bridge, in which over £600 million worth of ETH and USDC was stolen. — Chainalysis (@chainalysis) April 14, 2022

The attack took place in March of this year and it targeted Axie Infinity, a blockchain-based game that involves cryptocurrency transactions. Although the game is based on Ethereum, it utilizes a blockchain called Ronin.

This allows the players to perform all the necessary transactions without paying the hefty fees of the standard Ethereum blockchain. The two chains are connected by a digital bridge. It’s a helpful workaround for day-to-day users, but unfortunately, an exploit in the bridge between Ethereum and Ronin resulted in a massive theft.

The hack conducted by the Lazarus Group resulted in 173,600 Ethereum and 25.5 million USDC being stolen. USDC is a so-called stable coin, which means it’s pegged to the U.S. dollar. At the time of the theft, the two currencies pooled together amounted to over £600 million.

Initially, it was unclear whether the Specially Designated Nationals List update referred to the Axie Infinity heist specifically. However, the Department of the Treasury confirmed to PC Gamer that the new entry refers to the hack conducted by Lazarus. The cryptocurrency wallet that collected the stolen funds was discovered by the FBI as part of an ongoing investigation of North Korea.

Lazarus is a state-sponsored group of hackers, and this isn’t the first time we’ve heard about their attacks. According to Chainalysis, the group stole at least £400 million worth of digital assets in 2021. However, this means that the 2022 Axie Infinity hack is a huge escalation, seeing as the group managed to steal over £600 million in one go.

The funds obtained through these crypto attacks are most likely used to fund North Korea’s weapon programs.

Elliptic, a cryptosecurity firm, estimates that the country has already laundered 18% of the £600 million Lazarus managed to obtain. An anonymous FBI representative said to PC Gamer: Through our investigation, we were able to confirm Lazarus Group and APT38, cyber actors associated with the Democratic People’s Republic of Korea (DPRK), are responsible for the theft of £620 million in Ethereum reported on March 29th. The FBI, in coordination with Treasury and other U.S.

Government partners, will continue to expose and combat the DPRK’s use of illicit activities — including cybercrime and cryptocurrency theft — to generate revenue for the regime.” This is a huge hit for Axie Infinity, a game that relies on helping users profit rather than just to have fun. Sky Mavis, the developers of Axie Infinity, said that additional security measures are being added to the Ronin Bridge.

Hopefully, this time around, the bridge will be secure enough to not be breached.

Editors’ Recommendations

Tags:

bershka listed on couponmatrix.ukperuvian-connection listed on couponmatrix.ukpokerstars listed on couponmatrix.uksimon-jersey listed on couponmatrix.uksweaty-betty listed on couponmatrix.ukwilliam-hill listed on couponmatrix.uk
bershka listed on couponmatrix.ukBershka should be on the radar of every fashion-loving guy or girl. This brand brings together the latest looks with unique designs that are bound to boost your everyday style. Shop the range for less with a handy Bershka discount code from us - it’s easy to nail a casual cool look with these gorgeous collections. Bershka is all about fresh, fun style that’s both effortless and chic - check out the range today to discover a look that’s uniquely you.
peruvian-connection listed on couponmatrix.ukFinding luxurious clothing with a touch of the unique about it is getting more and more difficult. So imagine our delight when we discovered the wonderful clothing range by Peruvian Connection. Combining their own unique charm with the latest fashions, Peruvian Connection is a brand that uses its experience to offer its customers exactly what they want. Speaking of what customers want, we are delighted to announce that we can offer you the best Peruvian Connection discount codes that can help you to save money and find the best deals online. Who is Peruvian Connection? Peruvian Connection was started in 1976 by Mother and Daughter team Biddy and Annie Hurlbut. Inspired by Annie’s travels through Peru she found and fell in love with hand woven ponchos and mantas in the ancient capital of the Incas, Cuzco. The styles and designs which caught Annie’s eye weren’t the only unique thing about the pieces that caught her attention. The beautifully designed items were made from Alpaca wool which is more durable, and softer, than cashmere. Peruvian Connection started after they had begun supplying high end speciality stores and they created a small catalogue. A New York Times piece gave the brand a wider reach and requests for the catalogue flooded in. Now you can find Peruvian Connection’s great range of products online, making it easier for customers to find these stylish items. By combining them with the great offers and discount codes available at Groupon you will find that not only will you have access to a fine range of beautiful clothing and accessories but you can also make saving when shopping their online store. What is Alpaca fibre? Alpaca fibre is an incredibly soft and smooth material, Peruvian Connection use this material to stay true to their roots but there are other benefits to using Alpaca fibre including: · It helps to promote sustainable agriculture in the Andes · The fibre is Hypoallergenic · It is naturally grown in a range of colours · It is both lighter and warmer than wool · It is soft and comfortable
pokerstars listed on couponmatrix.ukLady luck is always present at PokerStars, the platform where poker enthusiasts of all skill levels and budgets congregate to win big. Even if you’re new to the game and just curious about how it all works, there’s always a PokerStars promo code onsite to give you more from your first deposit. Whatever game be your preference – be it Omaha High, Seven Card Stud or good ol’ Texas Hold’em – trust PokerStars to host the games you like at rates you can afford.
simon-jersey listed on couponmatrix.ukWho says workwear shouldn’t bring out the best in you? Simon Jersey certainly don’t, sporting clothing and accessories that guarantee you’ll look your finest even when on the clock. Put a Simon Jersey discount code to good use and you could land two new work outfits for the price of one. Whether your nine to five is in a kitchen, a hospital, an office or a bar, Simon Jersey is always ready with threads that exude experience and charm.
sweaty-betty listed on couponmatrix.ukArguably the world’s ultimate female empowerment clothing producer, Sweaty Betty is the brand that active women turn to when they want kit that’s guaranteed to look and feel incredible - and never let them down. On top of all the confidence-boosting styles on offer, the Sweaty Betty discount code will give your spending power a healthy upgrade too - making it easier than ever to buy gear that lets you perform at your very best from the moment you put it on.
william-hill listed on couponmatrix.ukThere’s nothing quite like the fun and the thrill of a flutter. With more than 85 years in the game, William Hill has made a name for itself as one of the UK’s leading bookmakers, so grab yourself a William Hill promo code and save a pretty penny on the cost of your bet. Whether on the horses or the dogs, placing a little bet with William Hill is hardly a gamble; you’re practically guaranteed a good time!