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

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

On Monday, the FBI printed a quick assertion explaining that it had not too long ago completed an investigation confirming that the well-known North Korean hacker group referred to as “Lazarus” was liable for the hack. The hack concerned the concentrating on of a crypto “bridge”—a sort of digital asset switch mechanism that have grow to be frequent targets for hackers in recent times. The assault, which came about final June, exploited safety vulnerabilities inside Concord’s Ethereum primarily based bridge, Cointelgraph experiences.

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 continuously 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 venture. The hackers finally made off with over $600 million {dollars} in belongings, making it one of many largest crypto heists in historical past.

The FBI says that it continues to work along with its legislation 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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