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The US Federal Bureau of Investigation (FBI) has identified that the North Korean hacking group known as the Lazarus Group has siphoned off cryptocurrencies valued in the millions through various attacks over recent years.
The agency suspects that the perpetrators may soon liquidate 1,580 BTC (approximately $41 million at current market rates).
Maintain Attention on Lazarus’ Activities
The FBI issued a notice to alert cryptocurrency firms regarding a possible action that Lazarus (APT38) is poised to undertake.
As per the law enforcement agency, the North Korean hackers have moved 1,580 BTC from their holdings (acquired through multiple thefts in the recent past) to six different addresses. The FBI interprets this action as an indication of an impending sale of these assets (currently valued at around $40.8 million).
“Private sector entities should scrutinize the blockchain data linked to these addresses and remain cautious against transactions directly involving, or originating from, these addresses. The FBI will persist in its efforts to reveal and counter the DPRK’s engagement in illicit activities—including cybercrime and cryptocurrency theft—to fund the regime,” the FBI warned.
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Lazarus has been associated with numerous cryptocurrency thefts over the last few years, including one of the most significant in the sector: the $600 million breach of Ronin Bridge. The FBI asserted that the group was also accountable for the $60 million theft of digital assets from Alphapo in June of this year and the compromise of Harmony’s Horizon bridge in 2022, which led to losses totaling $100 million.
The Lazarus Group: North Korea’s Cyber Tool
The cybercrime organization led by Pyongyang has made headlines multiple times over the past decade. According to Wikipedia, the group was founded in 2009 with the aim of conducting cyberespionage. With the growth of the cryptocurrency industry, the group redirected its efforts, targeting exchanges and various platforms to extract digital assets.
The Lazarus hackers are adept at deploying various types of malware onto computer networks and servers. The Center for a New American Security (CNAS) cautioned last year that the group utilizes advanced methods to steal and launder cryptocurrencies:
“This significant breach involved a variety of advanced hacking and laundering techniques, including a professional mixing service and the use of new DeFi platforms to obscure the activity.”
A White House official further claimed this year that North Korea finances 50% of its missile programs through funds acquired by the Lazarus Group. The blockchain analytics firm – Chainalysis – estimated that the group misappropriated around $1.7 billion worth of cryptocurrency in 2022.
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