North Korean hackers, Lazarus Group, have executed their most substantial transaction in over a month, transferring $1.2 million of illicitly obtained funds.
The blockchain analysis firm, Arkham, reveals that the Lazarus Group's wallet received 27.371 bitcoins (BTC) through two transactions, with 3.34 BTC subsequently moved to a previously utilized wallet. The specific coin mixer employed in the process remains unidentified.
The Coin Mixer Maneuver: Obscuring Cryptocurrency Ownership
Lazarus, a popular cybercriminal gang from North Korea has reportedly stolen $1.2 million of Bitcoin from a coin mixer to a holding wallet, according to a report.
According to CoinDesk, the coin mixer is also known as a tumbler. It is a blockchain-based protocol employed to obscure the ownership of cryptocurrencies. This involves mixing the acquired coins with those from other users, creating a complex web of transactions that conceals the true recipients.
What's more, this tactic counters the usual transparency of blockchains, making it challenging to trace the provenance and transfers of the cryptocurrency.
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Lazarus Group's Cryptocurrency Heists
Lazarus Group has been a significant player in cryptocurrency hacks and exploits, amassing a staggering $3 billion in ill-gotten gains over the past three years, as reported by cybersecurity firm Recorded Future.
The U.S. Treasury Department has linked the notorious cybercriminal gang to a major cryptocurrency theft, involving $600 million from the Axie Infinity-linked Ronin bridge.
North Korean Hackers Dominating Crypto Exploits in 2023
Recent data from TRM Labs highlights the pervasive involvement of North Korea-affiliated hackers in crypto exploits and thefts during 2023. These hackers were responsible for a third of all incidents, pilfering approximately $600 million in funds.
As per Crypto.News, the past incidents that Lazarus spearheaded were all about digital assets including Blender.io, Sinbad, and Tornado Cash.
Crypto Scam History of Lazarus
It appears that the state-sponsored hackers from North Korea have a long history of cryptocurrency scams from 2022.
As per Tech Times' previous report, the gang was able to deceive some victims in a job interview posed as a crypto scam.
The gimmick starts when an applicant joins a Zoom video with a close camera. At first, it looks like a legitimate interview until a person clicks a malicious link.
The Lazarus Group also became famous when it sabotaged Axie Infinity's blockchain. At that time, the hackers took away $600 million of crypto coins from the game.
In early 2023, the same group of hackers was accused of helping North Korea in weapon funding. The FBI said that at that time, Lazarus plundered $100 million of crypto.
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