Resurface of Lazarus Group in Crypto World
In a twist that feels straight out of a thriller, the notorious Lazarus group, strongly linked to North Korean authorities, has resurfaced in the crypto world. They’ve pulled off a daring move, laundering $13 million via Tornado Cash. Over just two days in March 2024, they funneled more than $13 million in ETH from the HTX/HECO thefts through Tornado Cash in over 40 transactions.
The Mixer Shuffle
According to the Chainalysis Crypto Crime Report of 2023, Sinbad became the go-to mixer for North Korea-affiliated hackers in 2022 after Tornado Cash faced sanctions in August 2022. But with Sinbad shut down by regulatory efforts in November 2023, Lazarus Group turned to YoMix as a substitute. Now, with Lazarus Group back at Tornado Cash, it’s a familiar tactic to dodge sanctions and law enforcement by swiftly laundering their stolen tokens through decentralized exchanges.
- Sinbad was shut down by regulatory efforts in November 2023.
- Lazarus Group turned to YoMix after Sinbad was shut down.
- Lazarus Group is using Tornado Cash to dodge sanctions and law enforcement.
Lazarus Group: A True Menace?
The Lazarus Group, believed to operate from North Korea, has become infamous for its large-scale crypto-heists. They’ve had a prolific year, stealing over $500 million in cryptocurrencies in 2023 alone.
- Their targets included Atomic Wallet, Alphapo, Coins Paid, Coinex, Stake.com, HTX-HECO bridge hack, and Poloniex.
- In total, they stole over half a billion dollars in just 172 days.
Will Justice Prevail?
U.S. law enforcement remains committed to uncovering and prosecuting those who use technology to conceal their crimes. Just as Roman Sterlingov, founder of Bitcoin Fog, faced justice for laundering $400 million worth of crypto in September, the trial of Roman Storm, co-founder of Tornado Cash, will determine the fate of crypto mixing services in U.S. markets.
Hot Take: Staying Vigilant Against Cyber Criminals
It’s imperative for the crypto community to stay vigilant against cybercriminals like the Lazarus Group. By understanding their tactics and working with law enforcement, we can create a more secure environment for all crypto users.
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