North Korea-Linked Lazarus Group Laundered $900 Million in Crypto

The infamous North Korea-affiliated Lazarus Group has allegedly pilfered nearly $900 million in cryptocurrency over the past year, according to a report from blockchain analytics company Elliptic. This is out of a staggering $7 billion illicitly funneled through cross-chain bridge hacks.

Rise of Cross-Chain Methods

Criminal use of cross-chain methods has surged. "As traditional entities such as mixers continue to be subject to seizures and sanctions scrutiny, the crypto crime displacement to chain- or asset-hopping typologies is also on the rise," Elliptic outlined in its report.

The process involves the rapid conversion of stolen funds from one blockchain or token to another using various conversion services to obfuscate the origin of the funds and seriously complicate the tracing of the assets.

Cross-chain Trendsetters

Elliptic's data revealed that the Lazarus Group was a dominant force behind the 111% surge in funds processed through such conversion services.

Since June 2023, they are believed to have seized approximately $240 million in crypto assets from a series of breaches at CoinsPaid, Alphapo, CoinEx, Stake.com and Atomic Wallet. The group was also linked to a deposit of more than 9,500 BTC through the Avalanche Bridge, and used other cross-chain platforms to launder their loot.

FBI Intervention

In August, the FBI intervened, urging cryptocurrency exchanges to halt transactions from wallets associated with the Lazarus Group. They provided a list of known Bitcoin addresses connected to the notorious hackers in hopes of stymieing their money laundering.

Securing Your Crypto Assets

• Use Cold Wallets: Offline storage solutions, like hardware wallets, can protect your crypto from online hacking.
• Enable 2FA: Two-factor authentication gives your accounts an extra layer of security.
• Stay Updated: Regularly update all related software, from wallets to exchange apps, to ensure you have the latest security patches.
• Beware of Phishing: Always verify website URLs before entering sensitive information. Be cautious about unsolicited communication or links.
• Educate Yourself: Knowledge is power. Delve deeper into comprehensive guidelines for a robust crypto safety protocol.

To learn more about ways to efficiently protect your crypto wallet, check out our comprehensive guide. Specialized software such as Bitdefender Ultimate Security can protect your devices from malware, often used to gain unauthorized access to these valuable assets.