As the world witnesses an escalating surge in cyber activities, North Korea’s notorious hacking unit, the Lazarus Group, is drawing attention once again. Reports reveal that they have amassed a significant cryptocurrency fortune, valued at approximately $47 million. Of this sizable hoard, Bitcoin (BTC) unsurprisingly dominates the lot.
According to fresh insights sourced from Dune Analytics and presented by 21.co, parent of 21Shares, the Lazarus Group has assets that include $42.5 million in BTC. Furthermore, they hold $1.9 million in Ether, $1.1 million in BNB, and a notable $640,000 in stablecoins, predominantly in Binance USD.
However, a sharp-eyed observer might note a decline in the group’s crypto treasure. In early September, their holdings stood at a staggering $86 million. This depletion followed soon after the high-profile hack of Stake.com, where the Lazarus Group was suspect number one.
Dune Analytics’ dashboard, while comprehensive, tracks only 295 wallets identified in tandem by the FBI and OFAC as Lazarus-owned. Remarkably, amidst their vast crypto assets, the group doesn’t have any investments in privacy coins such as Monero, notorious for their challenging traceability.
Recent Activities and Warnings
Not resting on their laurels, the Lazarus Group’s crypto transactions have been active, with data showing a recent operation as of Sept. 20. Moreover, experts from 21.co believe that the collective’s holdings could be notably larger than documented figures, reminding the public of the restrictions inherent to publicly available data.
September also marked a significant breach when the Lazarus Group targeted the crypto platform CoinEx, causing losses of over $55 million. While this heist was substantial, it wasn’t their first. The FBI has linked the group to other high-profile thefts, including those of Alphapo, CoinsPaid, and Atomic Wallet, contributing to their collective thievery exceeding $200 million in 2023 alone.
However, it’s essential to see the broader trend. Chainalysis indicated a sharp 80% drop in crypto thefts by North Korea-linked cybergroups. Comparing 2022’s staggering theft of $1.65 billion in digital assets to 2023’s $340.4 million offers a glimmer of hope. But with last week’s warnings from U.S. federal agencies about potential Lazarus threats to the American health sector, vigilance remains paramount.
North Korea And Crypto
North Korea’s foray into the digital domain has been marked by an intricate tapestry of illicit activities. While the country remains isolated geopolitically, its cyber operatives have reached far beyond its borders, casting a shadow over the global crypto landscape.
There is growing evidence that North Korea sees cryptocurrencies not merely as an investment but as a means to circumvent international sanctions. This has led to the state-sponsored hacking of crypto exchanges worldwide, bringing in funds that support the regime’s various operations.