Onchain Researchers Uncover $63M in Ethereum From Concord Bridge Assault Moved, Hackers Try and Launder Funds on Main Exchanges

On Jan. 15, 2023, onchain researchers found that funds stolen in the course of the Concord bridge assault had been moved. The suspected thieves, who’re allegedly related to the North Korean hacking syndicate Lazarus Group, moved 41,000 ethereum, value $63.2 million at present trade charges.

Onchain Researchers Monitor Stolen Ethereum From Concord Bridge Assault and Assist Main Exchanges Freeze Funds

On June 23 of final 12 months, the Concord growth workforce disclosed that $100 million in cryptocurrency funds had been stolen from the Horizon bridge. Studies indicated that the attacker had utilized a multi-signature pockets to realize management of the bridge. Onchain researcher Zachxbt discovered that funds associated to the Horizon bridge loss started to maneuver 206 days later, with 41,000 ETH (value $63.2 million at present trade charges) being transferred.

“North Korea’s Lazarus Group had a really busy weekend shifting $63.5 million (roughly 41,000 ETH) from the Concord bridge hack by way of Railgun earlier than consolidating funds and depositing them on three totally different exchanges,” Zachxbt tweeted. The funds have been reportedly deposited into OKEx, Huobi, and Binance. Zachxbt added that Huobi and Binance had frozen a few of the ethereum despatched to the exchanges.

Binance CEO Changpeng Zhao, generally often called “CZ,” confirmed that the funds have been certainly frozen. “We detected Concord One hacker fund motion,” CZ wrote. “They beforehand tried to launder by way of Binance and we froze their accounts. This time they used Huobi. We assisted the Huobi workforce in freezing their accounts. Collectively, 124 BTC have been recovered,” the Binance government added.

The blockchain intelligence agency Elliptic initially linked the funds to North Korea’s Lazarus Group. Lazarus Group is accused of finishing up quite a few assaults in opposition to cryptocurrency tasks in recent times. It’s believed that the North Korean hacker collective was behind the $620 million Ronin bridge assault as effectively.

What are your ideas on the hackers shifting 41,000 ethereum onchain to a few main exchanges? Share your perspective within the feedback part beneath.