North Korean Hackers Involved In Euler Finance Exploit: Chainalysis
2023年3月19日 - 02:16PM
NEWSBTC
The recent Euler Finance exploit is the largest attack in the
crypto space in 2023. The incident occurred through a flash loan
attack that led to the loss of almost $200 million in crypto
assets. Related Reading: Bitcoin Binary CDD Approaches Breakout
That Historically Kicked Off Bull Rallies The hacker eventually
transferred the stolen funds to different crypto addresses. A
report from a blockchain analytics company, Chainalysis, links a
North Korean crypto address to the attack. The address received a
transfer of about $170,000 of the stolen funds from the Euler
platform. Euler Finance Stolen Funds Traced To North Korean Hackers
According to the report, Chainalysis identified another address
linked with North Korean hackers receiving the Euler stolen funds.
The analysis said the address got a transfer of some Ether tokens
worth almost $170 million. The North Korean address was traced to
several hacking activities in the past. Also, Chainalysis noted
that two primary on-chain entities are involved in the exploits.
There are a front-running Miner Extractable Value (MEV) bot and the
primary personal wallet of the hacker. The hacker preyed on
Euler software vulnerabilities that lack collateralization in flash
loans to borrow huge funds. The action aided them in manipulating
token prices. Also, the infamous sanctioned crypto mixer, Tornado
Cash, provided initial financial support to the exploiter. It
assisted in covering the gas fees and constructing the contracts
used in the attack. The hacker initiated a flash loan,
borrowing several DAI tokens worth $30 million from the Aave
protocol. After completing the attack, the hacker still transferred
some of the funds back to the Tornado Cash platform. North Korea
And Crypto Attacks The connection of the North Korean hackers and
address prove their involvement in exploiting Euler Finance. Also,
it could mean that the attacker was trying to throw the
investigation off balance by transferring some funds to the
address. Related Reading: Here’s When Messari CEO Ryan Selkis
Expects Bitcoin To Reach $100,000 However, North Korean hackers are
notorious for increasing criminal activities and attacks on
decentralized finance (DeFi). According to data from Chainalysis,
North Korean hackers raked about $3.8 billion from the crypto
industry in 2022. This value was higher than what they stole in the
previous years. Also, the analytics firm noted that the hackers
were connected to most of the crypto attacks in 2022. But
decentralized finance protocols are the major victims of the
group’s hacking activities. Attacks on DeFi protocols ranked up to
82.1% of the total hacking activities of the group. In February
2023, the Korea Times reported that South Korea slammed North Korea
with sanctions concerning crypto crimes. This marked the first
independent imposed sanctions from South Korea on its northern
neighbor as related to cyber activity. The South Korean sanctions
were on four North Korean hackers and seven groups that allegedly
assisted in funding the weapons program of the regime. Among the
North Korean hackers sanctioned is the notorious Lazarus Group,
with high records of cybercrimes globally. Featured image from
Pixabay and chart from Tradingview.com
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