Breaking: Lazarus Group’s Illegal Movement of 41,000 ETH Exposed

Breaking: Lazarus Group’s Illegal Movement of 41,000 ETH Exposed

• ZachXBT shares his findings on the latest illegal shift by North Korea’s Lazarus Group.
• Lazarus Group moved around 41,000 ETH, stolen from the Harmony bridge hack.
• The crypto community started buzzing after ZachXBT’s revelation of the bad actors.

Illuminating a criminal group’s movement, ZachXBT, an on-chain sleuth, shares his findings on the latest illegal shift by North Korea’s Lazarus Group on Twitter. ZachXBT found out through investigations that the Lazarus Group moved around 41,000 ETH, stolen from the Harmony bridge hack, through Railgun and deposited the funds across three exchanges: Binance, Huobi, and OKX.

1/2 North Korea’s Lazarus Group had a very busy weekend moving $63.5m (~41000 ETH) from the Harmony bridge hack through Railgun before consolidating funds and depositing on three different exchanges. pic.twitter.com/huDumaJeSh

— ZachXBT (@zachxbt) January 15, 2023

The on-chain sleuth then shares the report of more than 350 associated addresses related to this surprising sudden movement. ZachXBT also notifies the crypto community that a few hours after this incident Binance and Huobi froze a portion of the funds. ZachXBT also highlights a tweet by Changpeng Zhao, the CEO of Binance, which mentions that Binance’s security team recovered 124 BTC.

Moreover, the crypto community started buzzing after ZachXBT revealed his analysis of the bad actors. Some questioned why the Lazrus Group would ever deposit, indicating that it could risk the criminal group. The on-chain detective further explained that even though the bad actors deposited their money, they later immediately withdrew it.

One user questioned ZachXBT on how he knows the Lazarus Group are North Koreans. The on-chain sleuth then showcases reports which proved that Chainalysis and Elliptic found the attacks were connected to North Korea.

Following the criminal trails, Elliptic reported that there were strong indications that the Lazarus Group was responsible for the Harmony Horizon Bridge hack, last year. Elliptic’s analysis found that Lazarus was mostly connected to North Korea. Chainalaysis also confirmed by tweeting that they were confident that the North Korean bad actors were responsible for this fraudulent activity.

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