DeFi

Ronin

ZachXBT

The Lazarus Group, the infamous North Korean state-backed hackers, laundered over $200 million worth of stolen crypto between 2020 and 2023.
The funds were stolen from over 25 crypto hacks, according to pseudonymous on-chain researcher ZachXBT’s April 29 X <a href="https://twitter.com/zachxbt/status/1784935501935390930" target="_blank" rel="noopener nofollow">post</a>.
Lazarus is among the most notorious groups of crypto hackers and first emerged in 2009. In total, the Lazarus Group&nbsp;<a href="https://cointelegraph.com/news/north-korean-hackers-stolen-crypto">stole over $3 billion in crypto</a>&nbsp;assets in the six years leading up to 2023.
The North Korean hackers used a combination of crypto mixing services and peer-to-peer (P2P) marketplaces to convert the stolen digital assets, according to ZachXBT:
<blockquote data-ct-non-breakable="true">
 “Identified accounts at Noones and Paxful (P2P marketplaces) that received funds from the hacks and were used to convert crypto to fiat.”
</blockquote>
According to ZachXBT, the group of hackers has laundered at least $44 million worth of stolen crypto through the Paxul and Noones peer-to-peer marketplaces, using two usernames identified as “EasyGoatfish351” and “FairJunco470.” These usernames display deposits and trading volumes in line with the stolen funds.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/8325c4fe-4cab-48f6-8a11-aee7c2be6442.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Stolen funds flow. Source: ZachXBT
 </figcaption>
</figure>
The analysis further indicates that the hacked funds were converted into the Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>) stablecoin before being exchanged for cash and withdrawn. The group has historically relied on China-based over-the-counter traders for crypto-to-fiat conversions.
Over $374,000 worth of stolen funds were blacklisted by Tether in November 2023, while three out of four stablecoin issuers have blacklisted an additional $3.4 million sitting in a cluster of addresses associated with Lazarus, according to ZachXBT.
Related: <a href="https://cointelegraph.com/news/hedgey-protocol-44-million-exploit">DeFi platform Hedgey Finance hit by $44 million exploit</a>
<h2 data-ct-non-breakable="true" id="lazarus-group-stole-17-of-hacked-crypto-in-2023">Lazarus Group stole 17% of hacked crypto in 2023</h2>
Over $309 million, or 17% of the total stolen funds in 2023, are attributed to the Lazarus Group. <a href="https://cointelegraph.com/news/1-8-billion-lost-web3-hackers-fraudsters-2023-immunefi">2023 saw over $1.8 billion</a> worth of crypto lost to hacks and exploits, according to a Dec. 28 report by Immunefi.
Earlier in April, the North Korean hacker group <a href="https://cointelegraph.com/news/north-korean-lazarus-linkedin-target-steal-assets">was using LinkedIn</a> to steal digital assets with targeted malware attacks, blockchain security analytics firm SlowMist reported.
Lazarus Group was behind some of the biggest heists in the crypto industry, including the 2022 <a href="https://cointelegraph.com/news/north-korean-lazarus-group-allegedly-behind-ronin-bridge-hack">Ronin Bridge hack</a>&nbsp;that resulted in $625 million worth of stolen cryptocurrency.<iframe width="100%" height="315" src="https://www.youtube.com/embed/MQj9248C7Uc" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen data-ct-non-breakable="true"></iframe>
Magazine: <a href="https://cointelegraph.com/magazine/blockchain-fundraising-airdrops-presales-ico-alternatives/">7 ICO alternatives for blockchain fundraising: Crypto airdrops, IDOs &amp; more</a>

Lazarus Group laundered over $200M in hacked crypto since 2020

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Cointelegraph

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