A joint statement from the local police and the Financial Services Agency of Japan says that the well-known North Korean hacker group Lazarus is behind an attack on multiple Japanese cryptocurrency funds that used phishing and other forms of social engineering. According to a story published by Japan News, some businesses have had hackers get into their internal systems, resulting in the theft of cryptocurrencies.
Phishing is a kind of hacking that includes sending a link loaded with malware to a victim. If the victim clicks on the link, a virus will be placed on the machine that is being targeted. It is said that Lazarus has been spreading these connections through email and social media, among other online channels.
The Lazarus Group is suspected of being the organization that was behind the Ronin Bridge scam. In March, a hacker gained access to the Ronin sidechain, which is connected to the main Ethereum blockchain but allows the developers of the play-to-earn game Axie Infinity, Sky Mavis, to support faster and cheaper transactions. As a result of the hack, 173,600 ETH and 25.5 million USDC were stolen, which had a market value of $625 million at the time. It is one of the most significant breaches in the history of crypto. In June, blockchain analytics company Elliptic discovered that the 100 million dollar Horizon Bridge attack could be traced back to Lazarus.
The Japanese National Police Agency did not identify any of the firms that were hacked or the sums that were taken, but it did identify the hacking gang. It’s something that the agency doesn’t usually tell the public before making an arrest because it could lead to another attack.