The notorious Lazarus Group, a state-backed hacking group from North Korea, has managed to launder an astounding $200 million worth of stolen cryptocurrency between 2020 and 2023. These funds were acquired through over 25 hacks of various cryptocurrencies, as discovered by the pseudonymous on-chain researcher known as ZachXBT in his X post on April 29.
Lazarus has gained a reputation as one of the most infamous groups of cryptocurrency hackers, first appearing in 2009. Over the course of six years leading up to 2023, the Lazarus Group successfully stole a staggering $3 billion in cryptocurrency assets.
According to ZachXBT’s findings, the North Korean hackers utilized a combination of crypto mixing services and peer-to-peer (P2P) marketplaces to convert their ill-gotten digital assets. Specifically, they laundered at least $44 million through the Paxul and Noones P2P marketplaces, utilizing two identified usernames, “EasyGoatfish351” and “FairJunco470.” These usernames consistently displayed deposits and trading volumes that align with the stolen funds.
The analysis conducted further reveals that the stolen funds were first converted into the stablecoin USDT before being exchanged for cash and subsequently withdrawn. Historically, the Lazarus Group has relied on over-the-counter traders based in China for converting their cryptocurrency into fiat currency.
In November 2023, Tether blacklisted stolen funds worth over $374,000, while three out of the four stablecoin issuers blacklisted an additional $3.4 million held in a cluster of addresses associated with Lazarus, as reported by ZachXBT.
It is worth noting that in 2023, Lazarus Group was responsible for stealing over $309 million, accounting for 17% of the total funds stolen that year. According to a report by Immunefi on December 28, a staggering $1.8 billion worth of cryptocurrency was lost to hacks and exploits throughout the year.
In April, it was reported by the blockchain security analytics firm SlowMist that the North Korean hacker group had been utilizing LinkedIn to carry out targeted malware attacks to steal digital assets.
Lazarus Group has been involved in some of the largest cryptocurrency heists in the industry, including the infamous Ronin Bridge hack in 2022, which resulted in the theft of $625 million worth of cryptocurrency.
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