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US Reveals That Lazarus Group Might Be Linked to the Ronin Bridge Hack

Quick take:

  • US officials reveal that the Lazarus Group hackers might be behind the Ronin Bridge hack.
  • Ronin Bridge suffered one of the biggest hacks losing over $625 million.

The $625 million attack on the Axie Infinity Ronin bridge has been tied to the North Korean cyber organization Lazarus, according to the US Treasury Department.

An Ethereum (ETH) address containing part of the stolen cryptocurrency was put on the agency's sanctions list. The wallet had roughly 148,000 ETH in it as of April 14.

Chainalysis, a crypto analytics firm, verified that the wallet got a significant portion of the stolen fund, while Elliptic recently reported that about 14% of the total was laundered.

Lazarus group - Who’s that?

The Lazarus gang is a cybercrime team funded by the North Korean government that has been implicated in a number of high-profile crypto heists in recent years.

Lazarus originally gained attention in 2018 after they stole over $200 million in cryptocurrency from Gate.io.

The organization was allegedly engaged in the theft of $300 million in digital assets from KuCoin, a Singapore-based crypto exchange, in 2020.

Lazarus is suspected of being funded by the DPRK government and has begun to "use high-level procedures to steal and launder money earned through different cybercrime assaults." According to a recent investigation, parts of the Lazarus organization have been accused of exploiting hacking to fund North Korea's missile ambitions.

In a blog post, Ronin Network stated that it is implementing additional security measures to the Ronin bridge in order to lessen the chance of a future incident and that it plans to redeploy the bridge.

Axie Infinity, meanwhile, secured $150 million from investors to reimburse impacted users. Since the US sanctions have blacklisted the wallet, it would be a headache now for the hackers to move the fund.

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