According to the U.S. Treasury Department and the Office of Foreign Assets Control (OFAC), the recent Ronin Bridge hack may be linked to a North Korean hacking syndicate called Lazarus Group. Federal law enforcement agencies have linked the marked ethereum address associated with the Ronin Bridge exploit to this group of hackers and have added the crypto address to OFAC’s list of specially designated citizens and blocked persons (SDN).
Ronin Bridge exploiter address added to OFAC’s SDN list
On April 14, the U.S. government released an update to OFAC’s SDN listwhich includes the ethereum address (ETH) involved in the recent Ronin bridge exploit. Bitcoin.com News reported on the Ronin bridge attack on March 29, after the protocol associated with the blockchain game Axie Infinity lost $620 million in crypto assets. To date, the Ronin bridge attack is one of the biggest exploits in decentralized finance (defi) for 2022.
According to the U.S. Treasury and OFAC, the ethereum address, which is already noted on blockchain researchers as “Ronin bridge exploiters,” belongs to a North Korean hacking syndicate called Lazarus Group. The ethereum wallet holds 144,837.79 ethers, worth about $438.6 million at today’s ethereum exchange rate. A recently updated SDN list explains that Lazarus Group has various names, including Guardians of the World, Hidden Cobra, Red Dot, Temp.Hermit, and the New Romantic Cyber Army Team.
Transactions with any SDN-listed crypto-addresses are banned by the U.S. government
In the past, OFAC has warned the public about Lazarus Group because American authorities believe that hackers are involved in major cryptocurrency hacks and ransomware threats. There has also been plenty of research into the alleged activities of the North Korean hacker group. A U.S. Treasury and OFAC update released Thursday noted that the hacking syndicate is reportedly based in the Potongan area of Pyongyang, North Korea. Transactions with the ethereum address specified by OFAC are prohibited for U.S. persons and financial institutions.
According to a report published by the United Nations (UN) in March 2019, North Korea and the country’s supreme leader Kim Jong-un allegedly stockpiled at least $670 million in cryptocurrencies. On July 24, 2020, the U.S. Army released an investigative report alleging that North Korea had about 6,000 cyber hackers, including the infamous Lazarus Group.
What do you think about the U.S. government’s claim that the Ronin Bridge hacker is connected to the infamous Lazarus Group. Let us know what you think about it in the comments section below.
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