Lazarus Group Holds $47M in Crypto
A recent report by 21.co, the parent company of 21Shares, the largest issuer of cryptocurrency exchange-traded products, has revealed that the notorious North Korean hacking group Lazarus currently holds over $47 million worth of crypto assets in its wallets. The group’s holdings include bitcoin (BTC), ether (ETH), Binance Coin (BNB), Binance USD (BUSD), and Aave (AAVE).
Most of Lazarus’ holdings are in BTC, with a significant portion in ETH and BNB. Approximately 92% of their balance is allocated to BTC, amounting to $42.52 million. ETH makes up around 4% of their holdings, valued at $1.91 million, while BNB and BUSD are worth $1.05 million and $640,000 respectively. AAVE has the smallest allocation at 0.13%, totaling $61,000.
The Cybercrime Unit Behind Major Hacks
Lazarus Group is widely believed to conduct cyberattacks on behalf of the North Korean government. The U.S. Federal Bureau of Investigation and Office of Foreign Assets Control have identified and are monitoring 295 wallets associated with this cybercrime unit.
It is important to note that the reported balance is a conservative estimate based on publicly available data. It is possible that Lazarus may have executed unknown hacks against crypto platforms, which would increase their actual holdings.
Over time, Lazarus has diversified its holdings across various blockchains, including Avalanche, BNB Chain, Polygon, Arbitrum, Ethereum, and Bitcoin. Their crypto wallets remain active with a 24-hour inflow and netflow of $486. The most recent transaction took place on September 20th.
Roughly $300M Stolen So Far in 2023
Lazarus Group is responsible for some of the largest hacks and security breaches in the crypto industry. According to blockchain analytics firm Elliptic, they have stolen approximately $300 million in crypto through five different exploits since June 3rd.
Some notable incidents include the theft of $100 million from decentralized crypto wallet Atomic Wallet, as well as $60 million and $37 million siphoned from crypto payments platforms Alphapo and CoinsPaid respectively. In addition, crypto gambling platform Stake.com and crypto exchange CoinEx lost $41 million and $54 million to the group this month.
However, a recent report by Chainalysis has revealed that thefts by Lazarus have decreased by 80% to $340 million as of mid-September compared to the $1.65 billion stolen last year.
Hot Take: Lazarus Group Continues to Pose a Threat
The recent data on Lazarus Group’s crypto holdings highlights their significant presence and ongoing activities in the cryptocurrency space. With millions of dollars worth of assets at their disposal, they continue to pose a threat to individuals and organizations involved in the crypto industry. It is crucial for individuals to remain vigilant and take necessary precautions to protect their digital assets from potential cyberattacks. Additionally, governments and law enforcement agencies need to collaborate closely to track and apprehend members of such hacking groups to mitigate their impact on the cryptocurrency ecosystem.
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