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Cryptowire Investigates Seven Wallet Addresses Linked to Lazarus Group
In a significant development within the cryptocurrency space, blockchain investigator ZachXBT recently uncovered seven wallet addresses on May 21 containing 891.13 Bitcoin, valued at around $61 million, associated with the notorious North Korean hacking group Lazarus.
Continued Threat Posed by Lazarus Group
ZachXBT’s findings, shared on social media, shed light on the ongoing threat posed by this state-backed hacker group. This revelation follows the investigator’s prior research, which resulted in authorities freezing $3.8 million in digital assets.
Details of the Investigation
As of the latest updates, the identified wallets still maintain the amounts discovered by ZachXBT. Specific usernames like “EasyGoatfish351” and “FairJunco470” were highlighted for their deposits and trading activities, aligning with the stolen funds. The stolen assets were frequently converted into Tether (USDT) before being exchanged for fiat currencies.
Resurgence of Lazarus Group and Cyber Heists
The Lazarus Group, known for its cyber heists, reappeared earlier this year after a period of dormancy. Notably, they transferred $1.2 million in stolen digital assets to an inactive wallet on January 8, involving several transactions totaling 27.37 Bitcoin. Subsequently, $150,582 worth of Bitcoin was sent to a previously used address.
Social Engineering Tactics
In addition to technical exploits, the group utilized social engineering tactics, leveraging platforms like LinkedIn to target susceptible users with malware attacks. This approach aimed to obtain confidential employee credentials, as highlighted by blockchain security firm Slowmist.
Laundering Activities by Lazarus Group
The recent discovery of seven additional addresses follows a comprehensive analysis by ZachXBT, revealing how Lazarus laundered $200 million from more than 25 hacks since 2020. The group orchestrated various exploits across different blockchains, utilizing crypto-mixing services and peer-to-peer marketplaces to obfuscate the origins of the illicit funds.
Impact of Lazarus Group’s Activities
Over the years, the Lazarus Group has reportedly stolen over $3 billion in cryptocurrency assets, directly affecting numerous individuals. The laundered funds were predominantly converted into USDT stablecoin before being exchanged for fiat currencies, often through over-the-counter traders in China.
Global Response and Warnings
In response to these illicit activities, stablecoin issuers like Tether took action by blacklisting significant amounts of stolen funds associated with the group. The United Nations Security Council (UNSC) and DeFiLlama data indicate North Korea’s involvement in crypto heists, emphasizing the importance of safeguarding private keys to prevent such incidents.
Despite a decrease in hacking losses by North Korean groups in 2023 compared to the previous year, experts caution that hacking activities could escalate under favorable market conditions and the expanding decentralized finance (DeFi) sector.