North Korea’s Lazarus Hacker Group has made yet another move, making many worried in the market. According to a report by Certik, the input of 400 $ETH, or around $750K, into the privacy mixer Tornado Cash has been connected to the hacker collective Lazarus, which has ties to North Korea.
Tornado Cash is a well-liked tool for money laundering since it is a decentralized network that obscures the source of cryptocurrency transactions.
The move comes against the backdrop of a rise in hacks and scams going around in the crypto world.
North Korea’s Lazarus Group Make Ethereum Deposit
Known for its well-publicized cyberattacks, such as the Sony hack in 2014 and the WannaCry ransomware attack in 2017, Lazarus has been using Bitcoin more and more to launder stolen money.
This action fits into a larger pattern in which hacker organizations use privacy tools to cover their tracks and avoid being discovered by law enforcement.
The deposit serves as a reminder of the persistent worries about the use of decentralized finance (DeFi) systems for illegal purposes.
To stop the flow of illegal funds and reduce the financial support of criminal organizations, authorities have been keeping a careful eye on these transactions. The event emphasizes the necessity of more robust security and oversight systems in the cryptocurrency industry.
Also Read: South Korea Confirmed The Lazarus Group Was Behind The 342K Stolen ETH Upbit Hack In 2019
North Korea’s Lazarus Group Turns Havoc With Crypto Scams
In order to steal enormous sums of money, North Korea’s Lazarus Group has become well-known for its frequent and intricate cyberattacks that target financial institutions, cryptocurrency exchanges, and international organizations.
The gang, which is allegedly supported by the North Korean government, is thought to utilize cybercrime as a way to make money to finance its operations, particularly its nuclear weapons program.
Lazarus is in charge of some of the most well-known attacks, such as the Sony Pictures hack in 2014 and the WannaCry ransomware attack in 2017, which caused system disruptions all around the world.
The organization has been using cryptocurrencies more and more in recent years to launder stolen money. Numerous well-known cryptocurrency thefts, such as attacks on exchanges and the use of privacy tools to conceal the source of stolen funds, have been connected to Lazarus.
Lazarus is one of the most persistent and dangerous hacker gangs in the world, having stolen hundreds of millions of dollars by taking advantage of flaws in decentralized financing (DeFi) platforms.
Why is Ethereum Getting Targeted in Recent Years?
Ethereum’s important position in the cryptocurrency ecosystem and the growth of decentralized finance (DeFi) have made it a target for hackers in recent years.
Due to its smart contract capability, Ethereum has been a popular target for hackers looking to steal money by manipulating or taking advantage of flaws in smart contracts.
Furthermore, the extensive use of Ethereum in DeFi platforms has increased fund pools, which makes it more profitable for hackers.
Decentralized exchanges, liquidity pools, and yield farming are becoming more and more popular, which gives hackers additional chances to conduct assaults. The infrastructural concerns of Ethereum increase with its growth, drawing in more malevolent actors.
Also Read: Bybit Hackers Complete Laundering $1.39B ETH Via Thorchain, Thorchain Profits $5.5M