The North Korean Lazarus Group Is Accused Of Attacking Ronin And Stealing $625 Million

2022-04-15 00:48:34

According to Chainalysis, the notorious Lazarus Group is accused of attacking Ronin, a group backed by the government of North Korea, that was also accused for targeting seven blockchain operators in 2021.

Back in late March, the Ethereum based sidechain Ronin, was a victim of one of the largest cyber thefts ever, when a major security breach allowed for unknown attacker/s to exploit a string of liabilities, and consequently steal around $625 million in cryptocurrencies.

Ronin was developed specifically to serve as the payment solution for the in-game economy at Axie Infinity, an online video game that is based on non-fungible tokens that operate strictly with cryptocurrencies that are based on Ethereum.

While the attacker did not bother to steal any of the actual in-game non-fungible tokens, nevertheless, the attack still seriously crippled the in-game economy of Axie Infinity. And even worse, it left a substantial number of players without a viable way to spend their funds, i.e. earnings.

At the moment of writing, there are currently around $445 million of the stolen crypto funds in Ethereum, “sitting” on what the U.S. State Department of the (SDN) Treasury’s list of the Specially Designated Nationals and Blocked Persons, deems as the address used for one of the biggest crypto heists in history.

The historic $625 million crypto hack is not the first attack by the cyber unit from North Korea, particularly on a blockchain-based operator.

More specifically,  aside from Lazarus being accused of attacking Ronin, Chainalysis came out with data in early January 2022, revealing that the alleged North Korean cybercrime group was responsible for stealing $395 million from various blockchain operators in 2021.

Back then, Chainalysis revealed that the group committed a series of seven crypto-hacks in 2021 that consequently resulted in $395 million in cryptocurrency damages, with the costliest being the $275 million attack on KuCoin, a leading crypto exchange from Singapore.

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