SECURITY

North Korean hacker group Lazarus Group hits the jackpot! Wallet exposed holding over 40 million bitcoins.

share
North Korean hacker group Lazarus Group hits the jackpot! Wallet exposed holding over 40 million bitcoins.

According to data compiled by 21.co, the parent company of 21 Shares, it is revealed that the North Korean hacker group Lazarus Group currently holds approximately $47 million in encrypted assets, including a significant amount of $BTC, $ETH, $BNB, and $BUSD. The organization has previously committed multiple hacking and theft incidents and has been frequently laundering money through Russian exchanges, causing concern from the United Nations.

21.co: 90% of Funds in Lazarus Group Wallets are in Bitcoin

21.co has been tracking and monitoring wallets associated with the Lazarus Group, revealing that out of the 295 wallets identified, they collectively hold around $47 million in cryptocurrency.

Of this amount, 91.7% is in Bitcoin, totaling $42.52 million, with the rest divided between $1.91 million in Ethereum, $1 million in $BNB, and the remaining $640,000 in stablecoins.

Cryptocurrencies held by the Lazarus Group

The data also indicates that some of these wallets are still highly active, with the most recent on-chain activity observed 4 days ago.

21.co emphasizes that their Dune dashboard only tracks wallets that have been made public by the FBI and OFAC, and there are many more hidden wallets yet to be investigated, so this represents only a portion of the organization's funds.

Inventory of Lazarus Group Cybercrime Events

Based on previous reports, here are some major hacking incidents attributed to the Lazarus Group:

  • March 2022: Exploitation of the Axie Infinity sidechain Ronin Bridge, resulting in approximately $620 million in losses
  • June 2022: Hack of the Harmony cross-chain bridge Horizon, leading to around $100 million in losses
  • June 2023: Theft of over $100 million from the popular wallet Atomic
  • July 2023: Alphapo payment platform breached, resulting in around $60 million in losses
  • July 2023: CoinsPaid payment service compromised, with about $37 million stolen
  • September 2023: Stake.com gaming platform hacked for over $40 million, and cryptocurrency exchange CoinEx looted of over $50 million

Previous reports indicate that the organization has unlawfully stolen over $300 million since 2023.

Chainalysis: North Korea's Criminal Activity Decreases this Year, but Caution Advised

Blockchain research company Chainalysis stated in a report a week ago that despite a significant 80% decrease from the $1.65 billion lost in North Korean hacker incidents in 2022, vigilance is still necessary.

Total value of cryptocurrency stolen annually by the Lazarus Group

The report warns that North Korea remains a hotbed for hacker activities and is one of the most significant active threats in the blockchain space today.

Given the rapidly changing landscape of the crypto industry, any attack can occur overnight and result in severe losses. Governments, teams, and users must remain vigilant to combat the growing risks and crimes in the crypto space.

UN: North Korea Raising Nuclear Funds Through Hacking

Chainalysis also referenced a UN report and their own data, showing that North Korean hacker groups are increasingly relying on Russian exchanges as a preferred money laundering channel, with a significant rise in cybercrime money flow between the two countries in recent years, posing a major concern.

Recent frequent interactions of North Korean hacker groups with Russian exchanges

The UN stated:

North Korea is using several major cyberattacks to raise funds for its nuclear missile program, and state-sponsored hacker groups have identified cryptocurrency exchanges as a primary target.