ZachXBT warns that the methods of criminals are becoming more sophisticated, despite the sanctions.
The infamous North Korean hacker group Lazarus Group continues to carry out large-scale cyber attacks on cryptocurrency projects and networks. According to experts, the total amount of digital assets stolen by them exceeds $ 2 billion. A new investigation conducted by anonymous analyst ZachXBT reveals details of how Lazarus Group laundered more than $ 200 million in criminally obtained cryptocurrencies.
The attackers used a complex scheme involving numerous mixers, such as Tornado Cash for Ethereum and ChipMixer for Bitcoin. Tools like decentralized exchanges and swappers were used to help shuffle digital assets to further conceal their origin. The ZachXBT reportcovers more than 25 different hacker attacks from August 2020 to October 2023.
In addition, hackers actively resorted to the services of P2P exchanges like Noones and Paxful, which allow anonymous exchange of assets between users. According to ZachXBT, with the help of such exchanges, the group was able to convert $ 44 million into fiat money.
In the fight against cybercriminals, ZachXBT has joined forces with leading companies in the crypto industry. The Binance exchange and the popular MetaMask crypto wallet provided assistance in identifying accounts associated with Lazarus.
These findings are consistent with previous reports about how North Korean hackers launder money using OTC traders. One of these cases is the arrest in April 2023 of a Chinese citizen, Wu Huihui, accused of helping the DPRK authorities. He was put on the sanctions list of the US authorities.
According to experts, the proceeds from cyber attacks can be used by Pyongyang to finance its nuclear program and other military developments. Increasing sanctions are pushing North Korea to seek non-traditional sources of income.
Experts urge participants of the crypto market to be vigilant and constantly improve their security systems. The methods of North Korean groups like Lazarus are becoming more sophisticated and pose a serious threat to the industry.
The infamous North Korean hacker group Lazarus Group continues to carry out large-scale cyber attacks on cryptocurrency projects and networks. According to experts, the total amount of digital assets stolen by them exceeds $ 2 billion. A new investigation conducted by anonymous analyst ZachXBT reveals details of how Lazarus Group laundered more than $ 200 million in criminally obtained cryptocurrencies.
The attackers used a complex scheme involving numerous mixers, such as Tornado Cash for Ethereum and ChipMixer for Bitcoin. Tools like decentralized exchanges and swappers were used to help shuffle digital assets to further conceal their origin. The ZachXBT reportcovers more than 25 different hacker attacks from August 2020 to October 2023.
In addition, hackers actively resorted to the services of P2P exchanges like Noones and Paxful, which allow anonymous exchange of assets between users. According to ZachXBT, with the help of such exchanges, the group was able to convert $ 44 million into fiat money.
In the fight against cybercriminals, ZachXBT has joined forces with leading companies in the crypto industry. The Binance exchange and the popular MetaMask crypto wallet provided assistance in identifying accounts associated with Lazarus.
These findings are consistent with previous reports about how North Korean hackers launder money using OTC traders. One of these cases is the arrest in April 2023 of a Chinese citizen, Wu Huihui, accused of helping the DPRK authorities. He was put on the sanctions list of the US authorities.
According to experts, the proceeds from cyber attacks can be used by Pyongyang to finance its nuclear program and other military developments. Increasing sanctions are pushing North Korea to seek non-traditional sources of income.
Experts urge participants of the crypto market to be vigilant and constantly improve their security systems. The methods of North Korean groups like Lazarus are becoming more sophisticated and pose a serious threat to the industry.
