It seems that hackers behind Atomic Wallet theft are using multiple malicious sources to launder stolen funds.
Opening its latest chapter on June 13th, the notorious theft of $35 million from Atomic Wallet saw a new player enter the stage.
Elliptic, a blockchain security and compliance company, alleges that the laundered funds from the Atomic Wallet have found a new home in the Russian-based sanctioned cryptocurrency exchange, Garantex.
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As per Elliptic, a North Korean hacking consortium suspected to be the orchestrators of the attack, the Lazarus Group, has resorted to utilizing the sanctioned Garantex for laundering the stolen assets. The blockchain security firm claims that malicious actors used Grantex to convert stolen crypto into Bitcoin (BTC).
Elliptic conveyed this latest update via Twitter, outlining that despite a commendable joint effort from multiple crypto-related firms and Elliptic to freeze the illicit funds, the Lazarus Group has managed to find an alternate avenue.
Garantex, with ties to Moscow, fell under sanctions imposed by the US Office of Foreign Assets Control (OFAC) in April 2022. The Treasury Department flagged that Garantex, founded in 2019 and initially registered in Estonia, relocated most of its operations to Moscow. The analysis from authorities indicated that over $100 million in transactions were associated with illicit actors and dark web markets.
Earlier in June, information surfaced that the hackers were funneling their stolen treasure via the Sinbad.io mixer. The service is frequently used by the Lazarus Group. According to Elliptic, the hackers persist in using Sinbad.io to obscure the funds withdrawn from Garantex.
Revisiting the initial incident, multiple Atomic Wallet user accounts fell prey to an attack on June 3rd, resulting in a colossal loss of $35 million in digital assets. The latest revelation on the laundering route serves as a grim reminder of the extensive global threat cybercrime poses to the financial world.
