North Korean Hackers Linked To Atomic Wallet Launder Stolen Funds: Report

Key Points:

• North Korean hackers are allegedly laundering funds using smart contracts to convert ETH to WETH and then BTC.
• The laundering method used in the Atomic Wallet hack is similar to that used in the Harmony hack incident.
• MistTrack found four related contract addresses, all of which were deployed on June 14, and two contracts have not taken any action yet.

MistTrack reports North Korean hackers laundering funds from the Atomic Wallet hack by deploying smart contracts to convert ETH to WETH and BTC, similar to the Harmony hack.

The theft of more than $100 million in digital assets from thousands of users of the cryptocurrency service Atomic Wallet has raised concerns about the security of digital currencies. According to cryptocurrency analytics firm Elliptic, a gang of allegedly North Korean hackers known as “Lazarus” were responsible for the theft.

MistTrack reported that North Korean hackers are laundering funds linked to the Atomic Wallet hack and have deployed two smart contracts to convert ETH to WETH, and then to BTC. The coin laundering method used in the Atomic Wallet hack is similar to that used in the Harmony hack incident.

5⃣The address (0xD3D…51B) swapped ETH for WETH and bridged it to @avax.

6⃣Finally, They exchanged WETH for BTC, and cross-chain from Avalanche to #Bitcoin. pic.twitter.com/1lbOMkc8Ey

— MistTrack (@MistTrack_io) June 15, 2023

MistTrack also found four related contract addresses, all of which were deployed on June 14. Among them, a contract was deployed to convert ETH to WETH and another to convert WETH to ETH. Two contracts have not taken any action yet.

By looking for similar contracts, we also found four related contract addresses, all of which were deployed on June 14. pic.twitter.com/diW51zBHfo

— MistTrack (@MistTrack_io) June 15, 2023

According to Reuters, the Estonian authorities are investigating the crime but have not yet released any details regarding the investigation. Kaarel Kallas, a spokesperson for the National Criminal Police, stated that the investigation is still in its early stages and that they cannot comment on the origins of the attacks. The FBI, which has investigated previous Lazarus-linked hacks, declined to comment.

Atomic Wallet, which claims to be headquartered in Tallinn, Estonia, has not yet issued a statement regarding the theft or the ongoing investigation. The service promises users a higher level of security compared to typical cryptocurrency exchanges, which catastrophic hacks have hit in the past.

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