The Lazarus Group, a hacking organization supported by the North Korean state, has been involved in laundering over $200 million in cryptocurrency through more than 25 hacks from 2020 to 2023. This revelation came to light in a detailed analysis by ZachXBT, a prominent on-chain researcher, who shared his findings on April 29.
According to ZachXBT, the hackers utilized crypto mixers and Peer-to-Peer (P2P) platforms to convert the stolen funds. Specifically, two accounts, “EasyGoatfish351” and “FairJunco470,” were identified on platforms such as Noones and Paxful, where they likely converted at least $44 million of stolen crypto into fiat currency.
The Lazarus Group, which has been active since 2009, has continuously adapted its methods to exploit the crypto market. Recent reports indicate that the group has even started deploying malware through LinkedIn as part of their operations.
Despite their illicit activities, there have been some successes in curbing the group’s actions. For example, Tether froze over $374,000 worth of stolen funds in November 2023, and three major stablecoin issuers froze approximately $3.4 million held in addresses associated with the Lazarus Group.
As the crypto industry continues to grow, the need for enhanced security measures and international cooperation to combat cybercrime becomes increasingly urgent. The challenges posed by groups like the Lazarus Group underscore the importance of staying vigilant and proactive in safeguarding digital assets.
