Elliptic Reveals North Korea’s Lazarus Group’s Astounding $240M Cryptocurrency Heist in 104 Days

Elliptic Reveals North Korea's Lazarus Group's Astounding $240M Cryptocurrency Heist in 104 Days

North Korean Hacking Group Lazarus Ramps Up Cryptocurrency Hacks

Blockchain surveillance firm Elliptic has released a report detailing the recent activities of North Korean hacking group Lazarus. The team has been increasingly active in the past few months and has been linked to five major digital currency hacks. The latest attack targeted worldwide exchange CoinEx, resulting in an estimated $54 Million in stolen funds. In total, Elliptic estimates that Lazarus has stolen nearly $240 Million in digital currency in the previous 104 days.

Elliptic’s analysis confirms that some of the funds stolen from CoinEx were laundered through an address previously used by Lazarus to steal funds from cryptocurrency casino Stake.com. The FBI had previously attributed $41 Million in stolen digital currency to Lazarus. On-chain sleuth ZachXBT likewise realized  a connection between the CoinEx hack and the Stake hack on Twitter.

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Methods Used by Lazarus

The hacker in charge of the CoinEx attack used a bridge previously utilized by Lazarus to move stolen funds to Ethereum (ETH) before transferring them to a wallet controlled by the hacker. A whole lot of portion of the stolen funds originated from the Tron and Polygon blockchains. Elliptic likewise found that Lazarus mixed funds with addresses involved in other hacks, including the Atomic wallet hack worth $100 million.

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Lazarus has recently targeted centralized platforms like CoinsPaid and Alphapo, possibly due to the feasibility of social engineering attacks against such targets. CoinEx has announced an open letter to hackers, requesting contact for negotiations regarding a bug bounty and return of funds.

Hot Take: North Korea’s Lazarus Group Continues Its Digital currency Hacking Spree

The notorious North Korean hacking group, Lazarus, has intensified its hacking activities over recent months, targeting major digital currency exchanges and platforms. With the latest attack on CoinEx resulting in a staggering $54 Million theft, the total amount stolen by Lazarus in just over 3 months reaches nearly $240 Million. The team has been employing sophisticated methods, including laundering stolen funds through numerous blockchain addresses and exploiting vulnerabilities in centralized platforms. As they continue to evolve their strategies, it is critical for cryptocurrency users and platforms to remain vigilant and implement robust security measures to protect against such threats.

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Demian Crypter emerges as a true luminary in the cosmos of crypto analysis, research, and editorial prowess. With the precision of a watchmaker, Demian navigates the intricate mechanics of digital currencies, resonating harmoniously with curious minds across the spectrum. His innate ability to decode the most complex enigmas within the crypto tapestry seamlessly intertwines with his editorial artistry, transforming complexity into an eloquent symphony of understanding.

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