Institution loses $3M to North Korea-linked SquidSquad hack
Summary
An institution is believed to have lost $2.84 million on the Binance Smart Chain due to an attack linked to North Korea's SquidSquad, as reported by ZachXBT. Following the October 8 incident, the hacker funneled 1,111.2 ETH through Tornado Cash and subsequently to multiple addresses, which were quickly moved to Chinese OTC desks to avoid a potential Tether freeze. This method of operation aligns with tactics often employed by North Korea-linked groups that have been known to target blockchain platforms for theft, with researchers actively tracing connections to previously identified threat actor wallets.
Tokens
$ETH
Analysis
ZachXBT: ZachXBT is an independent on-chain investigator and security researcher focused on cryptocurrency crimes and hacks. He publicly reported the details of the suspected SquidSquad incident, including the tracing of funds through Tornado Cash and subsequent movements to OTC desks. SquidSquad: SquidSquad is a North Korea-linked hacking entity known for conducting cryptocurrency thefts on blockchain networks. In the reported incident, it is suspected of being responsible for the loss of funds from an institution on the Binance Smart Chain following an attack on October 8. Fund Tracing: Independent researchers monitor consolidation addresses for connections to previously identified threat actor wallets. Threat Actor: North Korea-linked groups continue to target blockchain platforms for fund thefts.
Categories
cryptoethereumon_chain_whaleai_agentsdefi