Crypto laundering has been an issue for the industry for a long time now. However, resurfacing as an issue creator, by using sophisticated techniques like coin mixers and peer-to-peer exchanges, the North Korean hacking collective Lazarus Group has been able to launder almost $200 million in bitcoin that has been stolen.

Crypto Laundering Resurfaces

After conducting a thorough examination, the digital investigators discovered that money from over 25 separate attacks on different blockchains had been laundered. The Lazarus Group had hidden the source of the illegal funds by using Bitcoin-based ChipMixer and Ethereum mixer Tornado Cash.

Previously, it has been seen that the hacking outfit Lazarus outfit, which is purportedly controlled by the North Korean government, has engaged in multiple exploitation attacks. Using a coin mixer called Tornado Cash, the group has transferred $12 million in Ether as of mid-March of this year. This action has raised even more eyebrows in the cryptocurrency community.

The native token of another currency mixer, Railgun (RAIL), meanwhile, looks to be in danger of losing value as a result of Lazarus’s use of the platform for illegal purposes. Together, these accounts highlight the difficulties associated with the cutting-edge technology known as blockchain, raising additional concerns among users about its capabilities even after it has been in use for some time.

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North Korean Hackers lead Crypto Laundering in 2023

According to TRM Labs, in 2023, North Korean hackers stole cryptocurrency valued at least $600 million. Should other hacks from the previous year be confirmed, the amount might increase to $700 million.

According to the research, the Democratic People’s Republic of Korea (DPRK) has become a prominent actor in cryptocurrency thefts, taking responsibility for about one-third of the monies pilfered in the previous year. Compared to their $850 million windfall in 2022, this represented a reduction. Notably, North Korean-linked hackers turned out to be ten times more damaging than other hacks. Additionally, TRM discovers that since 2017, threat actors with ties to Pyongyang have embezzled close to $3 billion in cryptocurrency.

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The post North Korean Group Lazarus Strikes Again With $200 Mln Crypto Laundering Case appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am