North Korea’s Lazarus Group Makes $2.5 Million Profit from Wrapped Bitcoin Sale
Blockchain Intelligence Platform Reports Recent Transaction
SpotOnChain, a blockchain intelligence platform, has reported that North Korea’s state-backed hacking group, Lazarus, has pocketed over $2.5 million in profit from a recent sale of wrapped Bitcoin (WBTC).
Recent Transaction Details
On April 3, the group sold 40.78 WBTC for 1,857 ETH, worth roughly $3.51 million. The sale marks a sharp return on their February 2023 investment, when they spent around $1 million in USDT to acquire the assets at an average price of $24,521 per WBTC.
In this recent transaction, each WBTC was sold for approximately $86,170—over 250% more than the original purchase price.
Transaction Analysis
After the sale, the group distributed the ETH across three wallets. Two of the wallets are newly created, while the third has already been linked to the group in past activities.
While the transaction might appear routine, market observers have suggested that funds movement hints at preparations for future operations.
The Lazarus Group
Background and Activities
Over the past few years, Lazarus has steadily built a reputation as one of the most dangerous black-hat organizations targeting the financial and crypto industries.
Their activities, supported by the North Korean regime, have contributed to the theft of more than $6 billion in digital assets over the past decade, according to an April 3 report by the Wall Street Journal.
Their most notable attack to date was the recent Bybit hack, where they stole $1.5 billion in a single exploit. These stolen funds are believed to fuel North Korea’s nuclear weapons development and support the country’s efforts to evade global sanctions.
Modus Operandi
Lazarus continues to rely on stealth, patience, and deception to infiltrate companies. Members often pose as recruiters on platforms like LinkedIn or pretend to be remote IT workers. These social engineering tactics have helped them gain access to internal systems and execute large-scale attacks.
Meanwhile, the group’s effectiveness is tied to the resources behind them. Estimates suggest North Korea operates a cyber force of over 8,000 individuals trained to breach systems globally.
The hacking group reportedly operates with the structure and discipline of a digital military, making them a sustained threat to the global financial system.
Conclusion
The recent sale of wrapped Bitcoin by Lazarus highlights the group’s ability to generate significant profits from their illegal activities. As they continue to operate with impunity, it is crucial for market participants to remain vigilant and take steps to protect themselves against these types of threats.
FAQs
What is the Lazarus Group?
The Lazarus Group is a state-backed hacking group backed by the North Korean regime, responsible for stealing over $6 billion in digital assets over the past decade.
What was the recent transaction by Lazarus?
Lazarus sold 40.78 WBTC for 1,857 ETH, worth roughly $3.51 million, resulting in a profit of over $2.5 million.
How did Lazarus make the sale?
The group distributed the ETH across three wallets, with two newly created and the third already linked to past activities.
What is the significance of this transaction?
The transaction may hint at preparations for future operations, highlighting the group’s ability to generate significant profits from their illegal activities.
What is the impact on the global financial system?
Lazarus’s activities, supported by North Korea, pose a sustained threat to the global financial system, emphasizing the need for market participants to remain vigilant and take steps to protect themselves against these types of threats.
