$63.5 Million in ETH Stolen from Concord’s Cross-Chain Bridge, Transferred to Three Exchanges by Alleged North Korean Hackers

Concord, a cross-chain bridge protocol, has reportedly had $63.5 million in ETH stolen from it by the Lazarus Group, a North Korean hacking group. In keeping with information evaluation by Zach XBT, the hackers used a DeFi privateness protocol known as Railgun to switch roughly 41,000 ETH from the Concord cross-chain bridge. The stolen funds had been then consolidated and deposited into three completely different exchanges.

Concord Cross-Chain Bridge Hack

This isn’t the primary time that the Concord cross-chain bridge has been focused by hackers. On June twenty fourth of final 12 months, the Horizon department of the bridge was attacked, leading to a lack of round $100 million. On the time, blockchain analysis firm Elliptic decided that the Lazarus Group was probably behind the assault.

North Korean Involvement

The Lazarus Group is a well known North Korean hacking group that has been energetic for over a decade. The group has been linked to various high-profile cyber assaults, together with the WannaCry ransomware assault of 2017 and the Sony Footage hack of 2014. Whereas the group’s actions have primarily targeted on monetary establishments and cryptocurrency exchanges, they’ve additionally focused authorities companies and navy organizations.

Affect on Concord and DeFi Area

The current hack of the Concord cross-chain bridge is a big blow to the protocol and the DeFi area as an entire. The incident highlights the continuing challenges confronted by DeFi protocols when it comes to safety and highlights the necessity for improved measures to guard customers’ belongings.

Concord has not but issued a press release on the hack. As of now, it isn’t clear how the protocol plans to deal with the difficulty or whether or not the stolen funds shall be recovered. The incident additionally raises questions concerning the security of storing belongings on cross-chain bridges, and the necessity for extra strong safety measures to guard customers’ belongings.

The theft of $63.5 million in ETH from the Concord cross-chain bridge is a significant setback for the protocol and the DeFi area. The involvement of the Lazarus Group, a well known North Korean hacking group, provides a global dimension to the incident. The hack highlights the continuing safety challenges confronted by DeFi protocols and the necessity for improved measures to guard customers’ belongings. Because the investigation into the incident continues, will probably be necessary to intently monitor developments and any potential impression on the bigger cryptocurrency market.