Sanctions_Compliance_in_Cryptocurrencies_-_Using_Blockchain_Analys_gzzWiT1.pdf (2 MB)

Elliptic’s sanctions-compliance case study uses the June 2022 Harmony Horizon Bridge hack to illustrate Lazarus-linked crypto laundering risk. The source says more than $100 million in WBTC, USDT, ETH, and BNB was stolen, converted through Uniswap into 85,837 ETH, and then traced from Lazarus-associated wallets through Tornado Cash and onward to exchange services. Elliptic assessed the breach and laundering pattern as consistent with Lazarus Group activity, describing the actor as a North Korean state-sponsored cybercrime organization. The CTI value is the fund-flow linkage between the Horizon theft, mixer use, and exchange off-ramps relevant to sanctions exposure investigations.