• A North Korean hacking group is suspected of carrying out a $100M Harmony network hack
• A pseudonymous blockchain sleuth reported that a part of the funds involved in the attack, worth $63.5 million, was moved over the weekend
• Crypto exchange Huobi blocked the funds involved in the hack on Monday morning
The crypto world was rocked on Monday morning by news of the purported involvement of North Korea’s Lazarus Group in a $100 million hack on the Harmony network. According to an analysis by blockchain research firm Elliptic, the group is believed to have been behind the attack.
Pseudonymous blockchain sleuth ZachXBT reported that a part of the funds involved in the attack, worth $63.5 million (~41,000 ETH), was moved over the weekend. He alerted on Twitter that the funds had been moved through Railgun before being consolidated and deposited in three different exchanges.
Crypto exchange Huobi was quick to respond, blocking the funds involved in the hack on Monday morning. The exchange issued a statement regarding the matter, saying, “Huobi has blocked key addresses associated with the Harmony hack, and actively monitors for deposits, withdrawals and trading related to the malicious addresses. The exchange is working with the Harmony team to ensure that funds remain safe and secure.”
The incident highlights the need for heightened security measures in the crypto world, especially with the increasing threat of attacks from state-sponsored hackers. It also serves as a reminder of the importance of blockchain forensics in the detection of suspicious activity on the blockchain.
The news has sparked discussions in the crypto community and beyond, with many users noting the need for more robust security measures and better user education when it comes to crypto security.