In a recent development in the crypto space, blockchain investigator ZachXBT uncovered seven wallet addresses containing 891.13 Bitcoin, valued at around $61 million, linked to the notorious North Korean hacking group Lazarus. ZachXBT shared this information on social media platform X, emphasizing the ongoing threat posed by this state-backed hacker group. The investigator’s previous research led to authorities freezing $3.8 million in digital assets tied to Lazarus, highlighting the significance of these findings.
The identified wallet addresses still hold the stolen funds as noted by ZachXBT, with usernames such as “EasyGoatfish351” and “FairJunco470” specifically highlighted for their deposits and trading volumes that matched the stolen assets. The stolen funds were often converted into Tether (USDT) before being exchanged for fiat currencies and withdrawn. Lazarus Group, known for its cyber heists, resurfaced earlier this year after a period of inactivity and has been linked to various illegal activities involving cryptocurrency theft.
A recent analysis published by ZachXBT revealed that Lazarus laundered over $200 million from over 25 hacks since 2020, utilizing a combination of crypto-mixing services and peer-to-peer marketplaces to conceal the origins of the stolen funds. The group has been involved in numerous exploits across different blockchains, impacting thousands of individuals and causing significant financial losses. Over the years, Lazarus has reportedly stolen more than $3 billion in crypto assets through various hacking activities, primarily converting the stolen funds into USDT stablecoin before converting them into fiat currencies.
The United Nations Security Council (UNSC) and DeFiLlama data indicate that North Korea has been implicated in $2.4 billion worth of crypto heists since 2020, with compromised private keys playing a significant role in these thefts. While North Korean hacking groups have been increasingly active, the stolen amount in 2023 was $700 million less compared to 2022, suggesting potential improvements in project security and market conditions. However, experts warn that hacking activity could surge again with favorable market conditions and the continued growth of the decentralized finance (DeFi) sector.
Overall, the discovery of the seven additional wallet addresses linked to Lazarus reinforces the ongoing threat posed by state-backed hacking groups in the crypto space. Authorities and experts are monitoring these developments closely to prevent further financial losses and protect the integrity of the cryptocurrency market. The laundering of stolen funds through various channels highlights the challenges faced by regulators and law enforcement agencies in combating cybercrime in the digital asset space. As technology advances, these hacking groups adapt their tactics and techniques to evade detection and continue their illicit activities, underscoring the importance of heightened vigilance and cooperation among stakeholders to address such threats effectively.
