The notorious Lazarus Group, a cybercriminal organization hailing from North Korea, has managed to acquire approximately $200 million in bitcoin through the process of crypto laundering.

The act of crypto laundering has long plagued the industry, resurfacing as a significant concern with the Lazarus Group employing advanced methods such as coin mixers and peer-to-peer exchanges to successfully launder nearly $200 million in stolen bitcoin.

Crypto Laundering Resurfaces

Upon thorough investigation, digital sleuths uncovered that funds from more than 25 distinct attacks on various blockchains had been laundered by the Lazarus Group. Utilizing Bitcoin-based ChipMixer and Ethereum mixer Tornado Cash, the group effectively obscured the origins of the illicit funds.

Previously, the Lazarus outfit, reportedly under the control of the North Korean government, had been involved in multiple exploitation attacks. Through the use of a coin mixer named Tornado Cash, the group managed to transfer $12 million in Ether by mid-March of the current year, sparking heightened concern within the cryptocurrency community.

The native token of another currency mixer, Railgun (RAIL), is now at risk of devaluation due to Lazarus's illicit activities on the platform. These incidents underscore the challenges associated with blockchain technology, prompting further apprehension among users regarding its efficacy despite its prolonged use.

North Korean Hackers at the Forefront of Crypto Laundering in 2023

TRM Labs reported that in 2023, North Korean hackers pilfered cryptocurrency amounting to a minimum of $600 million. If additional hacks from the preceding year are confirmed, this figure could escalate to $700 million.

The Democratic People’s Republic of Korea (DPRK) emerged as a significant player in cryptocurrency thefts, claiming responsibility for approximately one-third of the stolen funds in the previous year. This marked a decrease from their $850 million haul in 2022. Notably, hackers linked to North Korea proved to be ten times more destructive than other cyber intrusions. TRM Labs also revealed that since 2017, threat actors associated with Pyongyang have siphoned off nearly $3 billion in cryptocurrency.