Lazarus Group Launches Cyberattack, Embezzling $41 Million from Crypto Betting Platform Stake

Lazarus Group Launches Cyberattack, Embezzling $41 Million from Crypto Betting Platform Stake

The Lazarus Group: In charge of the Stake Cryptocurrency Casino Hack

You could be interested to know that in a press release on September 6, the Federal Bureau of Investigation (FBI) revealed that the North Korea-backed hacker group, Lazarus, was the mastermind behind the attack on our  trending cryptocurrency casino, Stake.

Stake detected unauthorized transactions on September 4, leading to a short-term suspension of withdrawals and deposits. Unfortunately, before the situation was brought under control, the hackers managed to steal a staggering $41 Million worth of digital assets.

Several blockchain security corporations, along with the FBI, have confirmed that the attackers drained funds from Stake using Ethereum (ETH), BNB Chain, and Polygon.

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Identifying the Culprits and Their Techniques

In their investigation, federal authorities have identified 33 wallets, including 22 Bitcoin (BTC) addresses, connected to the Stake hack. These wallets either received funds directly from Stake’s hot wallets or were used to siphon off illegal gains through numerous networks.

ARKHAM and CertiK, reputable security organizations, realized  that the hackers funneled the stolen funds to Avalanche (AVAX), following that converting them into Bitcoin. Presently, the attackers hold $36 Million across Ethereum (ETH), BNB Chain, and Polygon.

The Prolific Lazarus Group

Did you know that the Lazarus Group, likewise known as APT38, is a notorious gang of cyber criminals and hackers allegedly funded by the North Korean government? Shockingly, this organization has already stolen next to $2 Billion from cryptocurrency platforms and digital asset service providers since 2022.

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Along with the Stake hack, authorities have attributed plenty of other high-profile cryptocurrency heists to Lazarus. These include the $100 Million exploit of Atomic Wallet, the $100 Million attack on Harmony’s Horizon bridge, and the theft of over $600 Million from Sky Mavis’ Ronin bridge.

It is worth mentioning that the attack on Ronin remains one of the largest exploits ever witnessed in the cryptocurrency space.

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According to reports, Lazarus likewise managed to steal a combined total of $97 Million from cryptocurrency payment processors Alphapo and CoinsPaid.

OFAC’s Sanctions and Alleged Ties to Tornado Cash

Interestingly, in August 2022, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on the privacy tool Tornado Cash due to suspected links with Lazarus. The OFAC argued that Lazarus utilized Tornado Cash to launder hundreds of millions of dollars in illicit wealth.

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Hot Take:

The activities of hacking groups like Lazarus highlight the ongoing challenges faced by the cryptocurrency industry in terms of security and regulation. It is critical for individuals and organizations to prioritize robust security measures and adhere to regulatory frameworks to safeguard their digital assets.

Author – Contributor at | Website

Noah Rypton stands as an enigmatic fusion of crypto analyst, relentless researcher, and editorial virtuoso, illuminating the uncharted corridors of cryptocurrency. His odyssey through the crypto realms reveals intricate tapestries of digital assets, resonating harmoniously with seekers of all stripes. Noah’s ability to unfurl the labyrinthine nuances of crypto intricacies is elegantly interwoven with his editorial finesse, transmuting complexity into an engaging symphony of comprehension.

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