North Korea’s Lazarus Group Transfers $1.2M Bitcoin
North Korea-sponsored hacking syndicate, Lazarus Group, has conducted its largest transaction in over a month, moving $1.2 million worth of cryptocurrency from a coin mixer to a holding wallet. This information was shared by blockchain analysis firm Arkham on X (formerly Twitter) on January 8.
The Transaction Details
The Lazarus Group processed the transaction by transferring the assets from a coin mixer to a holding wallet. The wallet received 27.371 BTC in two transactions and then sent out 3.34 BTC to a previously used wallet. However, the specific coin mixer used in this transaction was not disclosed.
Lazarus Group’s Crypto Holdings
According to Arkham, the Lazarus Group maintains $79.6 million across various crypto portfolios, including BTC and ETH.
A Mixing Service for Anonymity
A mixing service, also known as a coin mixer or tumbler, is used to obscure the ownership of cryptocurrencies by combining coins with those from other users before redistributing them.
Lazarus Group: The North Korea Crypto Theft Syndicate
In a November 2023 data report by Recorded Future’s Insikt Group, it was revealed that North Korea’s focus on the cryptocurrency industry has resulted in an estimated $3 billion in digital asset theft. The hacker group’s illicit activities began in the South Korean market in 2017 and have since expanded globally.
In 2022, the North Korean threat actors were accused of stealing $1.7 billion in cryptocurrency, which accounts for 5% of the country’s economy or 45% of its military budget.
The Stolen Funds and Money Laundering
The stolen funds serve as a crucial revenue source for the Korean government and are often laundered through methods similar to traditional cybercriminal groups. This enables North Korea to sustain its operations despite facing international sanctions.
A report by TRM Labs revealed that the Lazarus Group may have absconded with up to $700 million in cryptocurrency in 2023, with $600 million confirmed through research. The DPRK adapts its money laundering methods to evade international law enforcement pressure.
Predictions for 2024
Despite advancements in cybersecurity and international collaboration, TRM Labs predicts that the Lazarus Group will continue to disrupt the crypto industry in 2024.
Hot Take: North Korea’s Lazarus Group Continues Crypto Theft
North Korea-sponsored hacking syndicate, Lazarus Group, has made its largest transaction in over a month, transferring $1.2 million worth of Bitcoin from a coin mixer to a holding wallet. This highlights the ongoing threat posed by the group, which has been responsible for massive cryptocurrency thefts. It is estimated that North Korea has stolen billions of dollars’ worth of digital assets, using various methods to launder the funds and sustain its operations despite international sanctions. While efforts have been made to combat this cybercriminal activity, it is expected that the Lazarus Group will continue its disruptive activities in the crypto industry throughout 2024.
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