North Korean Lazarus Group’s $200M Crypto Laundering Operations Exposed
The North Korean Lazarus Group, known for their sophisticated hacking operations, has been exposed by on-chain investigator ZachXBT for allegedly laundering over $200 million in stolen cryptocurrency funds. The group, infamous for their cyber attacks on various platforms, utilized a combination of coin mixers, cross-chain transfers, and peer-to-peer exchanges to obscure the origin and destination of their illicit transactions.
ZachXBT meticulously analyzed more than 25 hacks across different blockchains, uncovering a complex web of transactions that spanned over three years. The report revealed that Lazarus Group utilized popular coin mixers such as Tornado Cash and ChipMixer, as well as P2P exchanges like Noones and Paxful, to launder their stolen funds.
The hacker group has been linked to several high-profile crypto heists, including the $41 million attack on Stake.com and the $622 million exploit of the Ronin bridge. In total, Lazarus Group has reportedly stolen over $2 billion in digital assets from their various cyber attacks.
With the help of industry leaders such as Binance and MetaMask, ZachXBT has identified multiple accounts believed to be associated with Lazarus Group. These accounts allegedly received $44 million from the group’s hacks and successfully converted the stolen funds into fiat currency.
The exposure of Lazarus Group’s extensive crypto laundering operations sheds light on the growing threat of cybercrime in the digital asset space. Authorities and industry experts are now working together to track and prevent such illicit activities, in an effort to protect investors and maintain the integrity of the cryptocurrency market.
