North Korean Hacker Group Lazarus Stirs Activity, Transfers $1M Worth of Bitcoin
Summary:
The North Korean hacker group, Lazarus Group, moved Bitcoin worth over $1 million on January 8, ending weeks of inactivity. The move, tracked by blockchain analysts Arkham Intelligence, could indicate the group's preparation for increased activities. Following these transactions, the Lazarus Group's portfolio reportedly held $79 million. Widely believed to operate under the North Korean government, the group has been implicated in major hacks, amassing an estimated $3 billion between 2017 and 2023. Recent moves by the Lazarus Group have led to sanctions by the U.S. Treasury Department on related entities.
The Lazarus Group, a hacker collective hailing from North Korea, broke their weeks of silence by shifting over $1 million worth of Bitcoin (BTC) on January 8. This revelation comes courtesy of the blockchain investigation firm, Arkham Intelligence, that tracked the Lazarus Group's action of moving 27.371 BTC, equivalent to $1.2 million at the prevailing rate, in a pair of transactions thought to originate from a cryptocurrency blending service. Following this, Lazarus Group forwarded 3.343 BTC, approximately $150,582, to a previously used dormant address.
After these transactions, the Lazarus Group's portfolio was empowered with $79 million according to Arkham. Speculating the motive behind the hackers' transactions is challenging, but it may well signal an upcoming increase in their activities. It is widely believed that Lazarus Group operates under the aegis of the North Korean government, and was held accountable for one-third of all hacking incidents in 2023, and illegally amassing up to $700 million in that year alone. Their innovative strategies have reportedly included disguising as well-known venture capitalists and sending counterfeit job proposals to intrude their targets.
By Arkham Intelligence's estimates, between 2017 and 2023, Lazarus Group was implicated in stealing approximately $3 billion. This astonishing amount includes the most significant cyber-theft in the history of cryptocurrency - the intrusion into Ronin Bridge in March 2022. During this event, the hackers stole Ether (ETH) and USD Coin (USDC) valued at over $600 million from the gaming platform 'Axie Infinity', which was created by the Vietnamese tech company Sky Mavis.
The actions of the Lazarus Group have prompted the United States Treasury Department's Office of Foreign Assets Control (OFAC) to take stringent measures. Following the Ronin Bridge event, for the first time ever, OFAC placed sanctions on a cryptocurrency blending service, Blender.io. Since then, it has imposed penalties on Tornado Cash and other individuals linked to the Lazarus Group.
Published At
1/8/2024 9:32:51 PM
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