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 <p class="is-style-lead">Lazarus group orchestrated nearly 17% of all crypto hacks throughout 2023, mainly targeting centralized platforms like exchanges.</p>
 <p>Five successful <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> heists masterminded by Lazarus, a North Korean-funded hacker organization, reportedly resulted in over $300 million stolen from digital asset service providers within 12 months.&nbsp;</p>
 <p>The state-sponsored criminal actors enacted a change in strategy, switching from defi targets to centralized platforms, according to Immunifi, a leading blockchain bounty company.</p>
 <p>As of September 2023, the group had siphoned at least $270 million in 102 days, with services like Atomic Wallet suffering heavy losses. The $115 million ferried from Atomic Wallet remains the single-largest incident attributed to Lazarus during the year.&nbsp;</p>
 <p>Lazarus is also believed to have launched attacks on CoinEx, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> casino Stake, and digital payment processor CoinsPaid.&nbsp;</p>
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 <p>Multiple blockchain security firms and even the FBI concurred that Lazarus was responsible for several of these hacks.&nbsp; On-chain data showed connections between wallets used to steal funds from protocols and addresses to channel this illicit wealth to <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> mixers like Tornado Cash and Sinbad.&nbsp;</p>
 <p>The U.S. Treasury Office previously sanctioned Tornado Cash, Sinbad, and Blender.io due to Lazarus allegedly leveraging these crypto-mixing services for money laundry.</p>
 <p>The massive <a rel="noopener noreferrer nofollow" title="losses" href="https://thebittimes.com/tag/losses.html">losses</a> incurred by <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency protocols at the hands of Lazarus and other bad actors underpins a larger security threat evident in the nascent digital asset industry.&nbsp;</p>
 <p>Sipan Vardanyan, co-founder and CEO at Hexens, a cybersecurity firm, said companies must allocate more resources toward combating attack surfaces. The cybersecurity veteran added that continuous security monitoring (CSM) systems and value-based bug bounty programs could be key tools against hackers.</p>
 <blockquote class="wp-block-quote">
  <p>Traditionally, a significant portion of the security budgets of companies operating in web3 has been spent on smart contract audits, with CSM tools taking a bit of a back seat. This will need to change if the security landscape in web3 is to become robust enough to incentivize the widespread adoption of this truly revolutionary technology.</p> <cite>Sipan Vardanyan, co-founder and CEO, Hexens</cite>
 </blockquote>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> North Korean Lazarus Group is targeting crypto companies with APT attacks
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/north-korea-s-lazarus-behind-300m-in-2023-crypto-losses-tbt73714.html">https://thebittimes.com/north-korea-s-lazarus-behind-300m-in-2023-crypto-losses-tbt73714.html</a></p>

North Korea’s Lazarus behind $300m in 2023 crypto losses

TheBitTimes

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