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 Crypto Hacks

Blockchain surveillance firm Elliptic has released a report detailing the recent activities of North Korean hacking group Lazarus. The group has been increasingly active in the past few months and has been linked to five major cryptocurrency hacks. The most recent attack targeted global exchange CoinEx, resulting in an estimated $54 million in stolen funds. In total, Elliptic estimates that Lazarus has stolen nearly $240 million in cryptocurrency over the past 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 crypto casino Stake.com. The FBI had previously attributed $41 million in stolen cryptocurrency to Lazarus. On-chain sleuth ZachXBT also discovered a connection between the CoinEx hack and the Stake hack on Twitter.

Methods Used by Lazarus

The hacker responsible for the CoinEx attack used a bridge previously utilized by Lazarus to move stolen funds to Ethereum before transferring them to a wallet controlled by the hacker. A significant portion of the stolen funds originated from the Tron and Polygon blockchains. Elliptic also 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 issued 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 Cryptocurrency Hacking Spree

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The notorious North Korean hacking group, Lazarus, has intensified its hacking activities in recent months, targeting major cryptocurrency 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 three months reaches nearly $240 million. The group has been employing sophisticated methods, including laundering stolen funds through various blockchain addresses and exploiting vulnerabilities in centralized platforms. As they continue to evolve their tactics, it is crucial for crypto users and platforms to remain vigilant and implement robust security measures to protect against such threats.

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