Blockchain investigator ZachXBT has uncovered a fresh trail leading to North Korea’s infamous Lazarus hacking group. On May 21st, ZachXBT exposed seven crypto wallet addresses containing a staggering 891.13 Bitcoin, all linked to Lazarus. This revelation comes after the investigator’s previous research led to authorities freezing $3.8 million in stolen digital assets.
As of today, the newly identified wallets remain untouched
Lazarus Group’s Laundering Network Unraveled
Just last month, ZachXBT’s meticulous investigation exposed Lazarus Group’s elaborate money laundering network. The report detailed how the hackers cleaned $200 million in stolen digital assets, the spoils of over 25 hacks perpetrated since 2020.
Their laundering tactics involved peer-to-peer (P2P) marketplaces like Paxful and Noones, where stolen crypto was exchanged for fiat currency. Usernames like “EasyGoatfish351” and “FairJunco470” raised red flags due to their suspicious deposit and trading activity that mirrored the stolen funds.
Tether (USDT), a stablecoin pegged to the US dollar, also played a role in Lazarus Group’s laundering scheme. The stolen crypto was first converted to USDT before being cashed out through P2P platforms.
Lazarus Group: A Persistent Threat
This recent wallet exposure underscores Lazarus Group’s renewed activity after a period of dormancy. In January, the group reemerged, transferring $1.2 million in stolen crypto from a mixer, with some funds ending up in a previously inactive wallet.
Also Read: Cryptocurrency’s Achilles’ Heel: Understanding and Mitigating Address Poisoning Attacks
Their tactics have also evolved to exploit social media vulnerabilities. In April, blockchain security firm Slowmist identified a Lazarus Group campaign targeting crypto professionals on LinkedIn. Pretending to be job applicants, the hackers aimed to steal confidential credentials and potentially gain access to valuable crypto assets.
A $3 Billion Crypto Heist Spree
The Lazarus Group’s criminal activity extends far beyond these recent incidents. Over the past six years, they’ve amassed a staggering $3 billion in stolen digital assets. Notably, their plunder in 2022 alone – a cool $1.7 billion – dwarfs North Korea’s annual export earnings by nearly tenfold.
ZachXBT’s revelations serve as a stark reminder of the ever-present threat posed by state-backed hacking groups like Lazarus. As the crypto space continues to grow, so do the efforts of these malicious actors to exploit its vulnerabilities. Vigilance and robust security measures remain paramount for cryptocurrency users and businesses alike.
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