June 14, 2024
Cybersecurity Report Reveals Lazarus Group's $1.7 Billion Crypto Seizure
Latest Cryptocurrency News

Lazarus Group’s $3 Billion Cryptocurrency Heist Linked to North Korea

The Lazarus Group, reportedly linked to North Korea, has allegedly taken $3 billion in cryptocurrency within the past six years, as per cybersecurity firm Recorded Future. The recent report indicates that in 2022 alone, the group seized $1.7 billion in cryptocurrency, believed to be funding North Korean endeavors.

Chainalysis, a blockchain data analysis company, suggests that $1.1 billion of this was looted from decentralized finance (DeFi) platforms. Moreover, a September report from the U.S. Department of Homeland Security highlighted Lazarus’s exploitation of DeFi protocols. The U.S. Treasury Department responded with new sanctions against North Korea’s cyber activities, adding ‘Sinbad’ to the Office of Foreign Assets Control’s sanctions list for allegedly laundering cryptocurrencies stolen by the Lazarus Group.

Sinbad’s mixer services were reportedly used by the group to obscure the source of the stolen funds, blending transactions from various users to mask individual trails. The Lazarus Group has a history of specializing in fund theft, including the 2016 hack of the Bangladesh Central Bank resulting in a $81 million theft, the 2018 breach of the Japanese cryptocurrency exchange Coincheck leading to a $530 million diversion, and an attack on the Central Bank of Malaysia resulting in a $390 million theft.

Image by pixabay

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