Lazarus Group Tied Into Laundering Over $200 Million in Cryptocurrency Since 2020
Key Takeaways
- The Lazarus Group, a North Korean-backed hacking organization, laundered more than $200 million in cryptocurrency through more than 25 hacks between 2020 and 2023.
- This was revealed in a detailed analysis by ZachXBT, which highlighted the hackers’ use of crypto mixers and P2P platforms.
- ZachXBT identified two accounts, “EasyGoatfish351” and “FairJunco470,” that may have been involved in converting more than $44 million worth of stolen cryptocurrency into fiat.
The Lazarus Group, a North Korean-supported hacking organization, From 2020 to 2023, more than $200 million in cryptocurrency was laundered through more than 25 separate hacks.
This was revealed in a broadcast. Detailed analysis by ZachXBT, A famous on-chain researcher posted on his blog April 29 Blog.
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According to a report by a hacker group: Various crypto mixers have been used and Peer-to-Peer (P2P) Marketplace To divert stolen funds.
ZachXBT specifically pointed out two “EasyGoatfish351” and “FairJunco470” accounts on P2P platforms Noones and Paxful. Because deposits and trading volumes are tied to stolen funds, these accounts were likely used to convert at least $44 million of the stolen cryptocurrency into fiat.
Historically, Lazarus Chinese over-the-counter trader For such a transition.
The Lazarus Group Active since 2009, We are constantly adapting our methods to capitalize on the cryptocurrency market. For example, blockchain security company SlowMist recently reported that the group began using a new strategy of distributing malware through LinkedIn.
however, There has been some success in curbing illegal activities; As ZachXBT mentioned. For example, Tether froze $374,000 worth of stolen funds in November 2023. Additionally, three out of four major stablecoin issuers froze approximately $3.4 million in a group of addresses associated with the Lazarus Group.
As the cryptocurrency industry grows, these security concerns highlight the urgent need for increased protection measures and international cooperation to combat cybercrime.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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