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Web3 security experts consider North Korea’s Lazarus Group the most prominent and sophisticated threat to the crypto industry in 2024.&nbsp; 
Earlier this week, the infamous <a href="https://crypto.news/lazarus-group-tornado-cash-laundering/">Lazarus Group</a> reportedly funneled $12 million through crypto tumbler Tornado Cash. The funds were allegedly linked to last November’s <a href="https://crypto.news/justin-sun-announces-airdrop-for-htx-and-poloniex-users-after-hack/">HTX</a> and Heco Bridge hack, which saw the platforms lose over $90 million.&nbsp; 
However, this wasn’t the group’s only heist in 2023. Throughout the year, the North Korea-backed hackers compromised over $400 million worth of assets across various crypto platforms, including <a href="https://crypto.news/coinex-mark-cuban-latest-hack-victims-binanceus-faces-workforce-challenges-adoption-skyrockets-weekly-recap/">CoinEX</a>, <a href="https://crypto.news/crypto-losses-soar-to-173m-in-november-driven-by-poloniex-hack/">Poloniex</a>, Stake.com, and Atomic Wallet. In 2022, the group was responsible for the biggest defi hack in history, as it compromised the Ronin Network to steal approximately $620 million.&nbsp; 
Lazarus’s hacks occurred during a prolonged bear market in the crypto industry, reeling from the effects of FTX and Terra Luna’s collapse. In 2024, with the <a href="https://crypto.news/meme-coin-traders-fomo-panic-buying/">bull market</a> running in full swing, significant tokens reaching all-time highs, and novel meme coins driving billions of dollars inflow into the market, Lazarus’s concerns are more prominent than ever.&nbsp; 
<figure class="wp-block-image size-full is-resized">
 <img loading="lazy" decoding="async" width="919" height="460" src="https://crypto.news/app/uploads/2024/03/Tokenomics-1.png" alt="Is Lazarus Group the biggest threat to crypto in this bull market?&nbsp; - 21" class="wp-image-14259941" style="width: 100%;height:auto">
 <figcaption class="wp-element-caption">
 Lazarus hacks in the second half of 2023
 </figcaption>
</figure> 
 You might also like: <a href="https://crypto.news/meme-coin-traders-fomo-panic-buying/"> FOMO and panic buying cost meme coin traders millions </a> 
To understand how the industry should prepare for such risks, crypto.news reached out to web3 security provider <a href="https://cyvers.ai/" target="_blank" rel="noopener">Cyvers</a>, which exclusively detected the Poloniex hack last year.&nbsp; 
<h2 class="wp-block-heading" id="how-does-lazarus-carry-out-its-million-dollar-crypto-heists">How does Lazarus carry out its million-dollar crypto heists?&nbsp;</h2> 
According to Cyvers CEO <a href="https://www.linkedin.com/in/deddy-lavid-19b8151b/?originalSubdomain=il" target="_blank" rel="noopener">Deddy Lavid</a>, the Lazarus Group has shifted its cyberattack strategies significantly in 2023, targeting centralized entities with a refined and dynamic approach. Moving beyond traditional phishing and brute force methods, the group now employs AI-driven phishing campaigns and complex smart contract exploits.&nbsp; 
<figure class="wp-block-image size-full is-resized">
 <img loading="lazy" decoding="async" width="779" height="568" src="https://crypto.news/app/uploads/2024/03/Tokenomics-2.png" alt="Is Lazarus Group the biggest threat to crypto in this bull market?&nbsp; - 22" class="wp-image-14259942" style="width: 100%;height:auto">
 <figcaption class="wp-element-caption">
 Onchain Topologies used by Lazarus hackers&nbsp;| Image provided by Cyvers
 </figcaption>
</figure> 
Specifically, the attacks on Poloniex and HTX focused on stealing private keys and launching a series of small attacks in a short period. The group also used pre-programmed bots to run automated attacks. The bots tend to live in a system for a long time undetected before starting to exfiltrate the assets.&nbsp; 
Lavid also mentioned that <a href="https://crypto.news/chainalysis-crypto-money-laundering-falls-29-as-lazarus-others-respond-to-mixer-sanctions/">Lazarus Group’s</a> operational methods resemble military precision, reflecting a rare level of professionalism among cybercriminal syndicates. Lavid outlines a recurring pattern in their attacks: initial infiltration through social engineering, remaining dormant within the target organization for months, and stealing private keys for a series of quick, well-orchestrated attacks involving dry runs and fast, anomalous transaction rates.&nbsp; 
The preparatory phase is followed by dispersing the stolen assets across multiple blockchains, eventually funneling them through mixers or exchanges for laundering.&nbsp; 
So, while the crypto bull run of 2024 offers an exhilarating prospect for investors and innovators alike, it also presents an urgent call to arms for the security sector.&nbsp; 
<blockquote class="wp-block-quote"> 
 “My analysis emphasizes the need for increased security measures in the cryptocurrency and blockchain space, urging a deeper recognition of information security’s importance, a call for more security professionals, and a focus on proactive attack prevention.” <cite>– Deddy Lavid, CEO at Cyvers</cite>
</blockquote> 
In 2024, Lavid foresees a crypto market that outgrows its nascent vulnerabilities to adopt a more mature approach to security. 
Crypto platforms need to allocate greater resources towards developing security expertise within companies and a holistic strategy that preempts attacks and comprehensively addresses potential fraud across the blockchain. 
 Read more: <a href="https://crypto.news/bitcoin-fraud-london-guilty-6-billion/"> British citizen found guilty in $6b Bitcoin fraud scheme </a>

Is Lazarus Group the biggest threat to crypto in this bull market?

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