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Home»BLOCKCHAIN NEWS»North Korea’s Notorious Lazarus Group Moves 27.371 Bitcoin
BLOCKCHAIN NEWS

North Korea’s Notorious Lazarus Group Moves 27.371 Bitcoin

By Crypto FlexsJanuary 9, 20242 Mins Read
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North Korea’s Notorious Lazarus Group Moves 27.371 Bitcoin
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The Lazarus Group, a notorious hacking group known to be backed by North Korea, recently began large-scale Bitcoin trading, sparking speculation about its future moves in the cryptocurrency sector. On January 8, the group transferred 27,371 BTC, worth about $1.2 million, in two separate transactions that analysts suspect were cryptocurrency mixers. This action ended a period of inactivity and sent 3.343 BTC (approximately $150,582) to the previously used inactive address. The cryptocurrency is currently worth approximately $82,403,084.35. Lazarus Group account.

Blockchain experts at Arkham Intelligence, who reported these transactions, said Lazarus Group’s portfolio held approximately $79 million after the transactions. The fact that this group, known for its cybercrime activities, holds significant amounts of cryptocurrency raises concerns about its potential plans. Lazarus Group has been implicated in a series of major cryptocurrency hacks, including the high-profile attack on the CoinEx exchange and the recent Poloniex breach, which resulted in significant financial losses.

The Lazarus Group’s activities have been of significant interest to the global cybersecurity and financial sectors. They reportedly amassed around $3 billion through various cryptocurrency hacks between 2017 and 2023, with around $1.7 billion being looted in 2022 alone. Many of these stolen assets are suspected of funding North Korea’s weapons of mass destruction (WMD) and ballistic missile programs. The group’s methods include leveraging decentralized finance (DeFi) protocols and using social engineering tactics to infiltrate cryptocurrency exchange networks.​​​​

Moreover, Lazarus Group’s use of hybrid services to obscure financial traces and evade tracking efforts highlights the ongoing challenges in regulating and protecting the cryptocurrency industry. Commonly found on platforms without strong Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, these services allow these groups to continue their illicit activities with reduced risk of detection.​​

Image source: Shutterstock

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