According to Chainalysis, Elliptic, a blockchain data analysis company, has released a public data feed identifying wallet addresses linked to the North Korean hacking group Lazarus, which is suspected of orchestrating the $1.4 billion BitPay hack. In response, BitPay, a cryptocurrency exchange, launched an API for blacklisted wallets and a reward program to help recover stolen assets. Elliptic's data feed aims to reduce exposure to sanctioned wallets and prevent illicit money laundering within the cryptocurrency community.
Elliptic reported that the wallet addresses associated with the BitPay hack were identified and provided for inspection within 30 minutes of the incident announcement. More than 11,000 cryptocurrency wallets suspected to be linked to the hack were identified by Elliptic's API, with expectations of the number increasing as the investigation progresses. BitPay's CEO, Ben Zhou, expressed gratitude for Elliptic's support in tracking the stolen funds and announced a reward initiative, calling on the cryptocurrency community to help recover assets allegedly stolen by the Lazarus group. Zhou confirmed BitPay's commitment to combating malicious actors in the industry.
As the investigation into the BitPay hack continues, the exchange has implemented measures to maintain platform stability and reassure users. Despite the significant security breach, BitPay continued to process withdrawals, demonstrating its commitment to operational continuity. To maintain liquidity and prevent disruptions, the exchange secured external funding through loans, ensuring it could meet withdrawal requests while working on recovering the stolen assets.
