As the industry reels from the shock of Euler Finance’s $197 million hack, new on-chain data reveals a transaction to a red-flagged North Korean address that threatens to open a can of worms.

After days of following the money trail of the Euler Finance hack, on-chain analytical firm Chainalysis disclosed that it has discovered a transfer made to an address linked to North Korean hackers. According to the firm, the hackers transferred 100 ETH to an address that played a role in the infamous Axie Infinity hack of 2021.

The address appears to be controlled by the state-sponsored Lazarus Group, with a streak of multiple high-profile attacks under its belt. However, there are concerns that the transfers could be a ploy to throw investigators in the wrong direction as the hackers try to cover their tracks.