Blockchain analysis firm, Elliptic has revealed the identity of the Harmony network hackers. The Lazarus Group, a well-known North Korean hacking syndicate, has been identified as the primary suspect in the recent attack.
A whopping $100 million was stolen from the Harmony protocol by the hacker. This made the team to offer $1 million bounty to return the $100 million stolen.
According to reports, the manner in which Harmony’s Horizon bridge was attacked and the way stolen digital assets were consequently laundered bears a striking resemblance to other Lazarus Group attacks.
Elliptic did not only identified the hackers but also explained how the group conducted. The Lazarus Group were said to have targeted the login credentials of Harmony employees in the Asia Pacific region to breach the protocol’s security system. After gaining control of the protocol, the hackers deployed automated laundering programs that moved the stolen assets late at night.
It was earlier reported that the hackers transferred the funds to a Tornado mixer, rejecting the bounty offer. In its attempt to get the stolen funds, Harmony upped the bounty to $10 million. It claimed that a full return of funds would cease the investigation and no further criminal charges would be pursued.
Meanwhile, the suspected hackers are also said to have conducted the $600 million Ronin bridge hack, which occurred in April. Due to current market conditions, the value of the stolen Ether (ETH) has plummeted more than 60% down to $230 million.
