The notorious North Korean Lazarus Group has reportedly collected an enormous sum in cryptocurrencies, tipping the scales at a whopping $47 million, the majority of which is in Bitcoin, new information presented by Dune Analytics reveals. This data was compiled by 21.co, and their shared statistics are stirring up a swarm of contrasting perspectives in the crypto arena.
The Lazarus Group, a hacking collective, keeps stirring up a hornet’s nest in blockchain’s security paradigm. The murky world of cybercrime rings glimpses light when wallets associated with this group are divulged, showcasing about $47 million worth of digital assets. To put it succinctly, there are $42.5 million in Bitcoin, $1.9 million in Ether, $1.1 million in Binance Coin (BNB), and a residual $640,000 in stablecoins.
However, this spells only one side of the story. The current holdings are reportedly less than the group’s prior haul – a hefty $86 million held just days after a Stake.com hack where Lazarus was allegedly involved, back in September. Perhaps a clear exclamation on the dynamism of the group’s activities, it keeps feeding skepticism to the whole narrative.
A surprising lack of privacy coins like Monero, Dash, or Zcash, typically a favorite among entities shying away from traceability, raises further eyebrows about the Lazarus Group. Though their holdings are formidable, the group’s fund management strategies are quite unorthodox given the nature of their operations.
The often-maligned Lazarus group is not just sitting on its stash; its crypto wallets are brimming with activity, with its most recent transaction as of September 20. Contrary to the understood notion, the holdings are likely underreported, laying the path to a hidden trove of riches.
Previously, this North Korean hacking collective was implicated in an attack on crypto exchange CoinEx, with a significant loss of $55 million. The virtual fingers of the FBI pointed at Lazarus for coordinated hacks on Alphapo, CoinsPaid, and Atomic Wallet, summing up the total loot to more than $200 million in 2023.
Contrary to expectations, Chainalysis reports suggest that crypto thefts linked to these North Korean-based hackers have plunged by 80% from the previous year. The year-to-date pillage touches $340.4 million, considerably diminished compared to the record-breaking $1.65 billion worth of digital assets compromised in 2022. However, with the Lazarus Group still on the prowl, the question of security in blockchain still hangs in the balance.
Source: Cointelegraph
