Lazarus Group in North Korea Cleans $900 Million in Cryptocurrency
The Lazarus Group, which has ties to North Korea, has been implicated in the theft of almost $900 million of those revenues between July 2022 and July of this year. As much as $7 billion in Bitcoin has been illegally laundered through cross-chain crime.
This week, Elliptic, a Blockchain Analytics Firm, Report.
|“Chain- or asset-hopping typologies of cryptocurrency crime are becoming more prevalent as traditional entities like mixers are still being targeted for seizures and punishment.”
The majority of the 111% increase in the percentage of monies delivered via such services can be attributed to The Lazarus Group’s utilization of cross-chain bridges.
“These transactions have no valid commercial purpose other than to conceal the provenance of the assets, as shown by the numerous instances in which the assets have appeared on the same blockchain.”
“Chain-hopping, or bridging back and forth for the purpose of obscurity, is now a recognized money laundering typology.”
Cross-chain crime is the act of moving cryptocurrency assets quickly across tokens or blockchains in an effort to conceal their origin. It is a profitable way to cover up cryptocurrency crimes and an alternative to established strategies like mixers.
Since June 2023, a group of North Korean hackers is thought to have stolen up to $240 million in cryptocurrencies, including $100 million from Atomic Wallet, $37.3 million from CoinsPaid, $60 million from Alphapo, 41 million from Stake.com, and 31 million from CoinEx.
ESET, Last Month.
“This organization is defined by its diversity, quantity, and eccentricity in the execution of Lazarus campaigns, as well as the fact that it engages in all three of the main types of cybercrime: cyber espionage, cybersabotage, and the pursuit of financial gain.”
Additionally, the threat actor has been linked to the use of Avalanche Bridge for the deposit of more than 9,500 bitcoins, as well as the use of cross-chain solutions for the transfer of some of the looted assets.
Since the beginning of the year, South Korea’s National Intelligence Service (NIS) has issued warnings about North Korea assaulting its shipbuilding industry.
|“The primary hacking techniques employed by North Korean hacking groups involved taking over and bypassing the PCs of IT maintenance firms and installing malicious programs after sending phishing emails to internal staff members.”
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Suraj Koli is a content specialist with expertise in Cybersecurity and B2B Domains. He has provided his skills for News4Hackers Blog and Craw Security. Moreover, he has written content for various sectors Business, Law, Food & Beverage, Entertainment, and many others. Koli established his center of the field in a very amazing scenario. Simply said, he started his career selling products, where he enhanced his skills in understanding the product and the point of view of clients from the customer’s perspective, which simplified his journey in the long run. It makes him an interesting personality among other writers. Currently, he is a regular writer at Craw Security.
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