• The Federal Bureau of Investigation (FBI) has concluded its investigations into the June 2020 crypto hack that saw US-based Harmony protocol lose $100 million worth of crypto.
• The investigation revealed that the attack was perpetrated by two North Korea-backed hacking groups, the Lazarus Group and the APT38.
• The hackers used a privacy protocol called RAILGUN to try to conceal their transactions and were able to send some of the funds to various crypto exchanges and convert them to Bitcoin.
The Federal Bureau of Investigation (FBI) has concluded its investigations into the June 2020 crypto hack that left US-based Harmony Protocol, a decentralized finance (DeFi) platform, with a loss of $100 million worth of crypto. The hacking incident, which has been deemed as one of the most significant breaches in the crypto industry to date, was perpetrated by two North Korea-backed hacking groups, the Lazarus Group and the APT38.
The FBI was able to trace the hacker’s activities to North Korea through the use of a privacy protocol called RAILGUN. The protocol was used to conceal the transactions made by the hackers and allowed them to send funds to various crypto exchanges in order to convert them to Bitcoin. However, some exchanges were able to freeze and recover the remaining funds while the hackers attempted to swap them for Bitcoin.
The FBI was able to trace and monitor the movements of the hackers, which eventually led to the recovery of the stolen funds. The FBI also stated that it is continuing to work with law enforcement agencies and exchanges around the world to ensure the safety of users’ funds.
The attack on Harmony Protocol has not only highlighted the vulnerabilities of the crypto industry but has also highlighted the need for improved security measures. As the industry continues to expand, it is essential that protocols and exchanges take the necessary steps to protect user funds. In addition, users are advised to take extra precautions and employ best practices when transacting with crypto.