February 22, 2024

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During the last week, the on-chain analysis has detected a massive movement from a wallet that is owned by North Korean hackers. The wallet is said to contain around $100 million worth of stolen Ethereum tokens that were siphoned from the Horizon Bridge last year.

It is important to note that Horizon is a blockchain protocol that connects Ethereum with the Harmony blockchain.

When the exploit took place, there were many reported cases of laundered money taking place at Tornado Cash mixer. The laundered money was spread among several wallets by the threat actors to avoid tracing back.

The blockchain security firms, Chainalysis and Elliptic, managed to trace the Harmony blockchain attackers to Lazarus.

After getting away with the massive amount of Ethereum from the Harmony exploit, the Lazarus group hackers have attempted to launder the currencies.

It has been 200 days since the incident when hackers tried to move the stolen funds but got caught. The move was caught and identified by the on-chain sleuth ZachXBT and SlowMist.

In their failed attempt to move the funds, the hackers tried to transfer around 41K ETH tokens that are worth $63.5 million in the main markets. The hackers were using a vast network of 350 digital wallets to move the stolen funds.

This week, hackers attempted to move the funds to Railgun, which is a privacy-prone crypto exchange on Ethereum that also acts like a mixer.

Lazarus Hackers were Trying to Launder Stolen ETH Tokens Using a DeFi Mixer 

According to the blockchain developers that have identified the suspicious activity on the Ethereum blockchain mixer Railgun that would make it difficult to retrace. As per ZachXBT, the funds were later sent to consolidated addresses hailing from three exchanges, namely Binance, OKX, and Houbi.

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The main idea was to convert these stolen funds into fiat currency. However, one of the exchanges froze the suspicious accounts. Binance CEO CZ has told media that the exchange was able to recapture 124 Bitcoins valued at $2.6 billion from hackers.

However, ZachXBT has told media that the total amount sent by hackers to each exchange and the amount successfully laundered is still unclear.

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