June 13, 2024
ZachXBT Flags $61M Lazarus-Linked Addresses
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ZachXBT Flags $61M Lazarus-Linked Addresses

Blockchain investigator ZachXBT disclosed seven wallet addresses holding 891.13 Bitcoin, linked to the notorious North Korean hacking group Lazarus. On May 21, ZachXBT shared these addresses on X after his research resulted in authorities freezing $3.8 million in digital assets. Currently, the cryptocurrency wallets identified by ZachXBT still retain the flagged amounts.

Detailed Analysis of Lazarus Group’s Laundering Techniques

On April 29, ZachXBT published an in-depth analysis of how the state-backed hacker group laundered $200 million from over 25 hacks since 2020. The investigator determined that the hackers used peer-to-peer (P2P) marketplaces and crypto-mixing services to exchange the stolen crypto for fiat.

ZachXBT revealed that at least $44 million were laundered using the Paxul and Noones P2P marketplaces, with the usernames “EasyGoatfish351” and “FairJunco470” displaying deposits and trading volumes that matched the stolen funds. His analysis also highlighted that the stolen digital assets were exchanged into Tether (USDT) before being converted into fiat and withdrawn.

Recent Activities and Tactics of Lazarus Group

Lazarus Group became active again earlier this year after a period of inactivity. On Jan. 8, the North Korean hackers moved $1.2 million in stolen digital assets from a mixer and sent some of the funds to an inactive wallet. The group transferred 27.37 Bitcoin (BTC), worth $1.2 million at the time, in two transfers from what analysts determined to be a crypto mixer.

After withdrawing the funds, the hackers moved 3.343 BTC, worth $150,582, to an address they used before. On April 24, the hackers were spotted using the professional social media platform LinkedIn to target vulnerable users with malware attacks. Blockchain security firm Slowmist flagged the attack, explaining that Lazarus Group hackers were pretending to apply for blockchain developer jobs within the crypto ecosystem to access confidential employee credentials.

Lazarus Group continues to be one of the most notorious criminal organizations targeting the crypto space. In the six years leading to 2023, the group stole more than $3 billion in digital assets. The $1.7 billion stolen amount in 2022 alone surpasses North Korea’s total annual income from exports by almost ten times.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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