Elliptic traced the June 2022 Horizon Bridge theft, in which more than $100 million in cryptoassets was converted to 85,837 ETH and routed through Tornado Cash. The firm assessed Lazarus Group involvement as plausible but not proven, citing the bridge-theft target set, likely key compromise or social engineering, APAC links, and programmatic laundering behavior similar to Ronin Bridge activity. Elliptic’s demixing analysis linked over 98% of the stolen funds through Tornado to new Ethereum wallets, enabling screening for funds associated with the hack despite mixer use.