North Korea’s Lazarus Group Continues to Terrorize the Crypto World

The notorious North Korean hacker collective known as the Lazarus Group is once again making headlines for its large-scale cyberattacks targeting cryptocurrency projects and networks. According to experts, the total value of digital assets stolen by the group now exceeds $2 billion.

How Lazarus Laundered Over $200 Million in Crypto

A new investigation by the anonymous analyst ZachXBT has uncovered details about how the Lazarus Group laundered more than $200 million in illicitly obtained cryptocurrencies. The hackers used a complex network of mixers, including Tornado Cash for Ethereum and ChipMixer for Bitcoin. They also leveraged tools like decentralized exchanges and swappers to further obscure the origins of the stolen assets.

ZachXBT’s report covers more than 25 different hacking incidents between August 2020 and October 2023.

P2P Exchanges and Fiat Conversion

The hackers also made extensive use of peer-to-peer (P2P) exchanges such as Noones and Paxful, which allow users to anonymously trade assets. According to ZachXBT, the group managed to convert $44 million into fiat currency through these platforms.

Industry Collaboration Against Cybercrime

In the fight against cybercriminals, ZachXBT has teamed up with leading companies in the crypto industry. The exchange Binance and the popular crypto wallet MetaMask assisted in identifying accounts linked to Lazarus.

These findings align with previous reports on how North Korean hackers launder money through over-the-counter (OTC) traders. One notable case was the April 2023 arrest of Chinese national Wu Huihui, who was accused of assisting North Korean authorities and was subsequently added to the U.S. sanctions list.

Cybercrime Funding North Korea’s Military Programs

Experts believe that the proceeds from these cyberattacks may be used by Pyongyang to fund its nuclear program and other military developments. Increasing international sanctions are pushing North Korea to seek unconventional sources of revenue.

Staying Vigilant in the Crypto Industry

Specialists urge participants in the crypto market to remain vigilant and continuously improve their security systems. The methods used by North Korean groups like Lazarus are becoming increasingly sophisticated and pose a serious threat to the industry.