Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Editor's Pick

Privacy Protocol Railgun Denies Any Link to Lazarus Group

Railgun has publicly denied any connection with the sanctioned North Korea‘s Lazarus Group using its platform for illicit activities.

In a social media post addressing the allegations, Railgun stated that their system rigorously prevents any sanctioned or malicious users from accessing their services, dismissing the claims as unfounded.

Speculated Connection With Sanctioned Lazarus Group


Citing an analysis published by Elliptic, Wu Blockchain posted that the North Korean hacker group Lazarus Group utilized the coin mixer to “launder more than $60 million worth of Ethereum stolen in June 2022.”

The North Korean hacker group Lazarus Group is also a user of the coin mixer Railgun. In January 2023, the US FBI also stated that North Korean cyber attackers used Railgun to launder more than $60 million worth of Ethereum stolen in June 2022. Railgun is seen as the main… https://t.co/N6kjfnFZ4b

— Wu Blockchain (@WuBlockchain) April 16, 2024

According to the Elliptic report, North Korea’s Lazarus Group has reportedly shifted its laundering activities to Railgun following US sanctions on Tornado Cash.

“Elliptic’s research suggests that a significant portion of funds – estimated at around 70% – that has been sent through Railgun to date are funds from the Harmony hack,” the report reads.

The analysis also stated that the substantial volume of Ethereum from the Harmony hack passing through Railgun compromised the mixer’s effectiveness.

“On-chain data shows that after sending the funds through Railgun, the Lazarus Group has since deposited funds into three cryptoasset exchanges,” the report reads. “Two, namely Binance and Huobi, have announced that they have identified, blocked and seized a portion of the funds.”

Railgun Calls Out False Allegations 


“This is not true and it’s false reporting,” Railgun stated, replying to Wu Blockchain’s post.

This is not true and it’s false reporting. Firstly, that group is blocked from using the RAILGUN system by the “Private Proofs of Innocence” system which went live over a year ago. Secondly, it was a mistaken, false allegation in the first place.

— RAILGUN – Private & Anonymous DeFi (@RAILGUN_Project) April 16, 2024

The protocol suggested that the group is blocked from accessing the functions by the “Private Proofs of Innocence” system, which was implemented over a year ago. Furthermore, it stated that the initial allegation was mistaken and unfounded.

“From 2023, all RAILGUN transactions go through a Private Proofs of Innocence check which verifies that transactions do not come from sanctioned or malicious activity,” said Wu Blockchain citing the protocol.

“Any suggestion that sanctioned individuals, governments, or entities such as North Korea have used RAILGUN have no evidence & are based only on speculation,” the protocol stated.

The post Privacy Protocol Railgun Denies Any Link to Lazarus Group appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Stock

    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

    Disclaimer: Oracleofomahasays.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Oracleofomahasays.com