• Home
  • Bitcoin
  • Crypto Heist Alert: Lazarus's Digital Drain

Crypto Heist Alert: Lazarus's Digital Drain

Martin Walker
Aug 27, 2023 at 09:44 am

The Lazarus Group, a North Korean hacking syndicate, has been responsible for a series of cyberattacks targeting cryptocurrencies, resulting in the depletion of digital assets valued at millions of dollars in various incidents throughout recent years, as unveiled by the US Federal Bureau of Investigation (FBI).

The intelligence agency has revealed that the perpetrators could imminently convert a substantial sum of their pilfered funds, specifically 1,580 BTC, equivalent to almost $41 million considering present market rates.

Maintain your attention on the activities of Lazarus

Remaining attuned to the activities of the Lazarus faction remains paramount. The FBI has issued an official communication to caution crypto-related enterprises about a potential impending maneuver orchestrated by Lazarus (also known as APT38).

In accordance with the enforcement agency's findings, the North Korean cyber operatives have relocated 1,580 BTC from their accrued stockpile—derived from a string of recent thefts—to six separate addresses. The FBI interprets this as an indicative step towards an eventual liquidation of these holdings, which presently carry an estimated value of approximately $40.8 million.

The FBI's advisory carries a message to private sector entities, urging them to meticulously scrutinize the blockchain data linked with the aforementioned addresses and to exercise vigilance against engaging in transactions directly involving said addresses, or transactions stemming from them. Additionally, the FBI reaffirms its commitment to exposing and countering the Democratic People's Republic of Korea (DPRK)'s employment of illicit activities, encompassing cybercrimes and virtual currency embezzlement, all of which contribute to the regime's revenue generation.

Lazarus has been implicated in numerous cryptocurrency heists spanning recent years. Among these, the most noteworthy was the $600 million breach of Ronin Bridge. The FBI maintains that the group was also accountable for the $60 million appropriation of digital assets from Alphapo in June of the current year, along with the infiltration of Harmony's Horizon bridge in 2022, inflicting losses amounting to $100 million.

The Cyber Arsenal of North Korea: The Lazarus Group

The Lazarus Group, identified as North Korea's cyber arsenal, has consistently grabbed headlines over the past decade. Initially established in 2009 with a focus on cyber espionage, the outfit underwent a shift in focus with the proliferation of the cryptocurrency sector. Consequently, it turned its attention toward exchanges and an array of platforms, aiming to siphon digital assets from these targets.

The members of Lazarus demonstrate proficiency in deploying diverse types of malware across computer networks and servers. In the preceding year, the Center for a New American Security (CNAS) issued a warning, highlighting the group's utilization of advanced techniques to both purloin and launder cryptocurrencies. These tactics encompassed the implementation of a professional mixing service and the exploitation of emerging DeFi platforms, all executed with the intent of masking their activities.

A higher echelon of authority, a representative from the White House, went so far as to assert this year that North Korea funneled 50% of its missile experimentation budget through funds obtained illicitly by Lazarus. According to blockchain analytics provider Chainalysis, the group is believed to have misappropriated approximately $1.7 billion worth of cryptocurrency in the course of 2022.

Read more about

Related News

Sign up for daily crypto news in your inbox

Get crypto analysis, news and updates right to your inbox! Sign up here so you don't miss a single newsletter.