Lazarus Group, a notorious hacker group from North Korea, reportedly moved almost $1.2 million worth of Bitcoin (BTC) from a coin mixer to a holding wallet. This move, which is the largest transaction they have made in the last month, has blockchain analysts and cybersecurity experts talking.
Details of recent transactions
Two transactions totaling 27.371 BTC were made to the Lazarus Group's wallet, according to blockchain analysis firm Arkham. 3.34 BTC were subsequently moved to a separate wallet that the group had previously used. The identity of the coin mixer involved in these transactions remains unknown. Coin mixers are used to conceal the trail of cryptocurrency transactions, making it difficult to track down the ownership and flow of funds.
The Lazarus Group's latest effort adds to its long history of sophisticated cyber crimes, notably involving cryptocurrency. The US Treasury Department has linked them to a $600 million bitcoin theft from the Ronin bridge, which is linked to Axie Infinity, a famous online game.
Growing cryptocurrency reservoir
According to Arkham, the Lazarus Group's combined wallet holdings are currently worth approximately $79 million. This includes around $73 million in Bitcoin and $3.4 million in Ether. This huge wealth accumulation through illicit techniques exemplifies the group's persistent and expanding cryptocurrency operations.
Furthermore, a recent TRM Labs study discovered that North Korean-affiliated hackers, notably the Lazarus Group, were responsible for one-third of all cryptocurrency attacks and thefts in 2023. These operations apparently earned them roughly $600 million.
Cyber attack patterns
Multiple cybersecurity firms have carried out investigations into the Lazarus Group's operational tactics. Taylor Monahan, a Metamask developer, stated that the latest Orbit assault, which resulted in a loss of $81 million, was similar to prior Lazarus Group operations. Such patterns provide significant insights into their strategies and can assist in the development of more effective defensive measures for future attacks.
Over the last three years, the cybersecurity firm Recorded Future has attributed more than $3 billion in cryptocurrency breaches and vulnerabilities to the Lazarus Group. Their consistent and effective execution of high-profile cyber thefts highlights the advanced nature of their skills, as well as the challenges encountered in combatting such attacks.