ZachXBT Identifies Additional 7 Addresses Associated with Lazarus Valued at $61 Million—Here are the updates

In a significant advancement within the cryptocurrency sector, blockchain analyst ZachXBT uncovered seven wallet addresses on May 21 that contain 891.13 Bitcoin, valued at around $61 million, associated with the notorious North Korean hacking collective Lazarus.

ZachXBT disclosed these findings on X (formerly Twitter), emphasizing the persistent danger posed by the state-sponsored hacking group. This announcement follows the investigator’s earlier work, which resulted in authorities freezing $3.8 million in digital assets.

ZachXBT Discovers Seven Additional Addresses Tied to Lazarus

According to the most recent updates, the identified wallets continue to retain the amounts noted by ZachXBT. The usernames “EasyGoatfish351” and “FairJunco470” were specifically mentioned for their deposits and trading volumes, which corresponded with the misappropriated funds. The stolen assets were frequently converted into Tether (USDT) prior to being exchanged for fiat currency and withdrawn.

A few weeks ago, I published research on 25 Lazarus Group hacks that resulted in $3.8M being frozen.

I am sharing 7 additional wallet addresses that currently hold $61.8M (891 BTC) linked to these hacks.

bc1qw88pehjuejym9jyfgn6vn4aaw7q232hlyzzn6f… https://t.co/k6gSrhdkEb pic.twitter.com/bg3EkMaumn

— ZachXBT (@zachxbt) May 20, 2024

The Lazarus Group, recognized for its cyber thefts, reemerged earlier this year after a hiatus. On January 8, they transferred $1.2 million in stolen digital assets from a mixer to an inactive wallet, involving two transactions totaling 27.37 Bitcoin. Following this, 3.343 BTC valued at $150,582 was sent to a previously utilized address.

The group also utilized social engineering methods, leveraging LinkedIn to target susceptible users with malware attacks. Blockchain security firm Slowmist flagged these incidents, indicating that the hackers posed as applicants for blockchain developer positions to gain access to sensitive employee credentials.

Over $200 Million Laundered by North Korean Hacking Group Lazarus

The identification of seven additional addresses follows a comprehensive analysis released by ZachXBT on April 29, which detailed how Lazarus laundered $200 million from more than 25 hacks since 2020. The investigation revealed that the group executed over 25 exploits across various blockchains, employing crypto-mixing services and peer-to-peer marketplaces to conceal the origins of the stolen assets.

The Lazarus Group, notorious for its hacking endeavors since 2009, is reported to have stolen over $3 billion in cryptocurrency over the six years leading up to 2023, directly and indirectly affecting thousands of individuals. The laundered funds were primarily converted into USDT stablecoin before being traded for fiat currencies, often through over-the-counter traders in China.

Significantly, $44 million of the stolen cryptocurrency was laundered through Paxful and Noones P2P marketplaces using specific usernames. In response, Tether blacklisted over $374,000 worth of stolen funds associated with the group, while other stablecoin issuers blacklisted an additional $3.4 million.

The United Nations Security Council (UNSC) and DeFiLlama data indicate that North Korea has been involved in $2.4 billion worth of cryptocurrency thefts since 2020, with a substantial portion attributed to compromised private keys.

Despite the heightened hacking activity by North Korean groups in 2023, they stole $700 million less than in 2022. This decrease in losses may reflect enhanced project security and market conditions. However, experts caution that hacking activity could rise again with favorable market conditions and the ongoing growth of the decentralized finance (DeFi) sector.

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