Orbit Chain Hackers Suspected to be Part of Lazarus Group
A cybercrime organization, possibly the notorious Lazarus Group, is believed to be behind the recent hacks on Orbit Chain and other cryptocurrency services, according to blockchain analysts from Match Systems. The same tactics used in these attacks suggest a common perpetrator.
Previous Attacks by the Same Group
In a report by Match Systems, it was revealed that Coinspaid, Coinex, and Atomic Wallet were also targeted by this criminal group. The analysis indicates that the Lazarus Group may be responsible for these attacks as well.
Hackers Exploit Orbit Bridge
As the new year began, hackers managed to exploit Orbit Bridge, a cross-chain bridging service offered by South Korean-based Orbit Chain. They stole $82 million in the process.
Common Threads in the Attacks
The hackers utilized Tornado Cash, a popular crypto mixer, to obscure their funds. However, Match Systems was able to “de-mix” the funds using specialized software. The team identified a group of addresses and traced the movement of funds through various protocols and chains.
Lazarus Group’s Extensive Criminal Activities
Lazarus Group, which is allegedly affiliated with North Korea, was responsible for $308.6 million in stolen funds in 2023 alone. This accounted for 17% of total losses that year. The group has been implicated in high-profile attacks on various platforms and services.
Hot Take: Lazarus Group Emerges as a Significant Threat to Web3
The escalating sophistication and success of Lazarus Group’s hacking operations pose a significant threat to the Web3 ecosystem. Their ability to exploit vulnerabilities and employ social engineering tactics makes them a pressing concern for the crypto community.
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