Lazarus Group’s crypto coffers show a staggering $47 mln

Posted: September 25, 2023

• It’s worth noting that the reported amount was significantly less than what the group possessed earlier in September.
• Despite potential financial setbacks, the Lazarus Group’s crypto wallets remain highly active.

North Korean hacking collective Lazarus Group has amassed a significant amount of digital assets, totaling over $47 million. This revelation comes from recent data compiled by Dune Analytics, a subsidiary of 21Shares.

According to the data, the Lazarus Group’s wallets contain a substantial number of various cryptocurrencies, with the majority held in Bitcoin [BTC], valued at around $42.5 million.

Additionally, they have approximately $1.9 million in Ether [ETH] and $1.1 million in Binance Coin [BNB]. About $640,000 worth of stablecoins, primarily Binance USD [BUSD] is also part of the wallets.

It’s worth noting that this reported amount of crypto holdings is significantly less than what the group possessed earlier in September. At that time, the estimated holdings were at $86 million.

This estimation followed the Stake.com hack in which Lazarus Group was implicated.

Hacking collective’s digital treasure trove unearthed

Dune Analytics has identified 295 wallets connected to the Lazarus Group. These wallets were designated by the United States Federal Bureau of Investigation (FBI) and the Office of Foreign Assets Control (OFAC). Both these organizations have recognized the hacking group’s involvement in various cybercrimes.

One surprising aspect of the data is that Lazarus Group doesn’t appear to hold any privacy-focused cryptocurrencies like Monero [XMR], Dash [DASH], or Zcash [ZEC]. This is also unusual as these coins are typically harder to trace due to their privacy features.

Despite potential financial setbacks, the Lazarus Group’s crypto wallets remain highly active. They recorded their most recent transaction on 20 September.

21.co, the parent company of 21Shares, which provided the data, believes that the group’s actual holdings might exceed the reported amount. It stated that this estimate is based on publicly available information and serves as a lower-bound approximation.

Recenly Lazarus was linked to an attack on the CoinEx cryptocurrency exchange. This hack resulted in the loss of at least $55 million.

Furthermore, the FBI has attributed the group to several other high-profile hacks. These include attacks targeting Alphapo, CoinsPaid, and Atomic Wallet. The stolen funds collectively amounted to over $200 million in 2023.

A report by blockchain analytics firm Chainalysis indicated a significant reduction in crypto thefts linked to North Korea-related hackers. It stated that attacks were down by 80% compared to 2022.

As of mid-September, these groups had stolen a total of $340.4 million in cryptocurrency. This was a substantial decrease from the record $1.65 billion stolen in digital assets in the previous year.

U.S. federal authorities also issued a warning regarding the “significant risk” of potential cyberattacks on U.S. healthcare and public health sector entities by the Lazarus Group, emphasizing the group’s persistent threat to critical infrastructure.