- The cryptocurrency mixer Tornado Cash was used to complete this transaction.
- These funds originate from a November cyberattack on HTX and the Heco Bridge.
Elliptic, a blockchain analytics company, disclosed a major Lazarus Group transaction involving $12 million worth of Ether. The cryptocurrency mixer Tornado Cash was used to complete this transaction.
This platform was used again by the North Korean hacking group despite restrictions. These funds originate from a November cyberattack on HTX and the Heco Bridge orchestrated by the Lazarus organization. The affected platforms suffered a massive loss of $100 million as a result of the incident.
Succeeded Despite Sanctions
Tornado Cash was able to continue operating and making transactions despite the US prohibition because it is decentralized. Because of its popularity, the service has become a stage for discussions on the regulation and oversight of crypto. In their never-ending battle against cryptocurrency money laundering, international law enforcement agencies face a new obstacle with the current actions of the Lazarus Group.
A more systemic issue in the realm of digital currencies is brought to light by the actions of the Lazarus Group. These groups succeeded despite the fact that the United States government has recently mounted a major effort against several crypto mixers.
Blender and Sinbad, two centralized mixers, were shut down, therefore Lazarus reverted to using Tornado Cash. This move further demonstrates how flawed the current systems for regulating decentralized financial services are.
With a 29% drop in crypto money laundering reported in 2023, data provided by Chainalysis suggests that the campaign against cryptocurrency mixers is having some effect. But the return of the Lazarus Group in Tornado Cash shows how cybercriminals and authorities are always playing catch-up. For governments attempting to stem the tide of illicit financial transactions, this dynamic landscape presents an insurmountable obstacle.
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