Lazarus Group, a North Korean hacking group that was behind the $635 million Ronin Bridge hack, is suspected to be behind the attack and subsequent transfers.
In an attempt to further obfuscate the stolen funds, the hackers converted the bridged bitcoin for stablecoins tether (USDT) and USDD, which were subsequently sent to a multi-chain USDT address on both the Ethereum and Tron networks.
Hackers are being forced to go to extraordinary lengths to convert stolen crypto to fiat currency after the U.S. sanctioned popular coin mixing service Tornado Cash.
Blockchain security firm Chainalysis revealed that over $3 billion in crypto was lost across 125 hacks in 2022.
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