OFAC Update Claims Ronin Hack Is Tethered to North Korea’s Hacker Syndicate Lazarus Group – The latest Ronin bridge hack may have been linked to the North Korean hacking group Lazarus Group, according to the US Treasury and the Office of Foreign Assets Control .
The flagged ethereum address linked to the Ronin bridge exploit has been linked to the group of hackers, and the crypto address has been added to OFAC’s Specially Designated Nationals and Blocked Persons list.
The ethereum (ETH) address used in the recent Ronin bridge exploit was included in an OFAC SDN list update published on April 14 by the US government. On March 29, the Ronin bridge attack was reported, which resulted in the loss of $620 million in crypto assets by the protocol associated with the blockchain game Axie Infinity. The Ronin bridge assault is one of the most significant decentralized finance (defi) attacks so far in 2022.
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The ethereum address, that is already identified on blockchain explorers under the name “Ronin bridge exploiters,” belongs to the North Korean cyber syndicate Lazarus Group, according to the US Treasury and OFAC.
Using today’s ether exchange rates, the ethereum wallet owns 144,837.79 ether, which is worth $438.6 million. Lazarus Group is also known as the “Temp.Hermit,” “Guardians of Peace,” “Red Dot,” “Hidden Cobra,” and the “New Romantic Cyber Army Team,” according to the recently updated SDN list.
Lazarus Group has been the subject of previous OFAC warnings, since US authorities suspect the hackers of being engaged in major crypto hacks and ransomware threats. There have also been numerous studies about the purported actions of the North Korean hacking outfit.
According to a report released by the US Treasury and OFAC on Thursday, the cyber gang is based in Pyongyang’s Potonggang District. U.S. individuals and financial institutions are forbidden from transacting with the OFAC-specified ethereum address.
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OFAC Update Claims Ronin Hack Is Tethered to North Korea’s Hacker Syndicate Lazarus Group – According to a UN report released in March 2019, North Korea and its supreme leader Kim Jong-un purportedly have a cryptocurrency stockpile worth at least $670 million dollars.
The US Army produced an investigative report on July 24, 2020, alleging that North Korea has approximately 6,000 cyber hackers, including the renowned Lazarus Group.