One organization stands out as mysterious and well-known in the murky realm of cybercrime: the Lazarus Group. With a stunning $47 million in digital assets, mainly in Bitcoin, this North Korean hacking group has been a constant pain in the side of the cryptocurrency industry. It is a difficult effort to reveal the contents of this bitcoin vault, but fresh information reveals the size of Lazarus Group’s cryptocurrency holdings.
A Hidden Fortune Unveiled
Imagine a clandestine network of hackers operating under the cloak of darkness, orchestrating audacious cyber heists that span the globe. Such is the mystique of the Lazarus Group, a hacking collective with a penchant for cryptocurrency. Recent data compiled by Dune Analytics, in collaboration with 21.co, the parent company of 21Shares, paints a chilling portrait. It reveals that wallets linked to the Lazarus Group are hoarding a staggering $47 million worth of digital assets.
The lion’s share of this crypto fortune resides in Bitcoin, accounting for $42.5 million. Ethereum contributes another $1.9 million, while Binance Coin (BNB) and various stablecoins, primarily Binance USD, round out the cryptic treasury with $1.1 million and $640,000, respectively. It’s a crypto portfolio of unprecedented proportions, and its origins are shrouded in secrecy.
Cryptocurrency’s allure lies in its volatility, and Lazarus Group’s holdings are no exception to this rule. Interestingly, the data reveals a noteworthy fluctuation in their crypto wealth. On September 6, the collective was sitting on a staggering $86 million. Just days after the Stake.com hack, in which Lazarus Group was allegedly involved, their holdings plummeted to the current $47 million. This mysterious ebb and flow raise questions about the group’s activities and strategies.
Related: North Korean crypto hacks decline 80%, but threat remains
The Dune Analytics dashboard meticulously tracks 295 wallets, all pinpointed by the United States Federal Bureau of Investigation (FBI) and Office of Foreign Assets Control (OFAC) as belonging to the Lazarus Group. Despite the heightened scrutiny and exposure, these crypto wallets remain alarmingly active. The most recent transaction was recorded on September 20, underscoring the relentless nature of this hacking collective.
The Cryptocurrency Crime Spree
While $47 million is a staggering sum by any measure, it’s important to note that it’s merely the tip of the iceberg. 21.co, the entity behind this revelation, suggests that Lazarus Group’s true holdings are likely far higher than what the public eye can discern. This estimate serves as a chilling reminder of the depth of their crypto empire, hidden beneath the digital veil.
Lazarus Group’s audacious crypto exploits have left an indelible mark on the cryptocurrency landscape. Recent reports have linked them to a high-profile attack on the CoinEx cryptocurrency exchange, resulting in losses of at least $55 million. The group’s rap sheet also includes the Alphapo, CoinsPaid, and Atomic Wallet hacks, collectively amassing over $200 million in stolen assets in 2023.
Curiously, while Lazarus Group’s crypto holdings continue to capture headlines, recent data from Chainalysis paints a different picture. Crypto thefts orchestrated by North Korea-linked hackers have dropped by a staggering 80% from 2022. As of mid-September, these groups had pilfered a total of $340.4 million in cryptocurrency, down from a record $1.65 billion in 2022.
But the Lazarus Group is far from dormant. U.S. federal authorities have issued a stark warning of a “significant risk” of potential attacks on U.S. healthcare and public health sector entities by this enigmatic hacking collective. As the saga continues to unfold, the crypto world watches, ever vigilant and cautious of the shadows that lurk in the digital realm.
Related: OFAC sanctions OTC traders who converted crypto for North Korea’s Lazarus group