Millions of Dollars Hoarded
The United States Federal Bureau of Investigation (FBI) has identified six Bitcoin wallets associated with North Korean state-backed hacking group Lazarus. These wallets contain a total of 1,580 BTC, worth $40 million, believed to have been accumulated through various cryptocurrency hacks over the past year.
Warning to Crypto Companies
The FBI has advised cryptocurrency companies to stay vigilant after discovering that Lazarus Group moved approximately 1,580 BTC linked to several crypto exploits. The agency has urged companies to monitor the movement of funds and keep an eye on the six BTC wallets. Blockchain data should be used to track any suspicious transactions.
North Korean Hackers' Exploits
The North Korean hacking group has been involved in multiple crypto-related exploits, stealing billions of dollars in crypto assets. TRM Labs reported that the group has stolen almost $2 billion in cryptocurrencies since 2018. In 2022 alone, they stole close to $1 billion worth of assets.
Lazarus Group in 2022
Last year, Lazarus Group was identified as the mastermind behind some significant decentralized finance (DeFi) exploits. They were behind Harmony's Horizon bridge and the $625 million hack on Ethereum-linked sidechain Ronin Bridge, according to TRM Labs.
A Challenge for Exploiters
Although cybercriminals have become more sophisticated in their methods, blockchain technology continues to pose challenges for those seeking to launder or move illicit gains. The public ledger makes it possible to track the movement of funds, hindering the activities of hackers.
Collaborative Efforts
The FBI and crypto companies have worked together in the past to freeze funds associated with such exploits. Huobi and Binance froze $1.4 million worth of crypto assets linked to North Korea in February. Additionally, $63 million worth of assets connected to the Harmony Bridge hack were also frozen by crypto exchanges.
