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- Lazarus Group profits $2.51M from 40.78 WBTC, benefitting from a 240% rise in cryptocurrency value.
- Group traded WBTC for 1,847 ETH, redistributing funds across multiple wallets linked to Lazarus.
- Over $1.1B in crypto assets are held by the group, with funds continuously laundered through various wallets.
The North Korean hacking group known as the Lazarus Group has allegedly made a profit of 40.78 Wrapped Bitcoin in WBTC, equaling $2.51 million. The transaction has been made through a wallet that is associated with the group and was made at the time when the cryptocurrency market increased.
According to data from SpotOnChain, the group also traded the WBTC for 1,847 ETH worth $3.51 million. After the sale, parts of the Ethereum were spread to other wallets, with two transactions of 205 Ether, 500 Ether, and 1,865 Ether to another address associated with the Lazarus Group.
The address linked to Lazarus made the first acquisition of the 40.78 WBTC in February 2023. During that period, the wallet used about 999,900 USDT to purchase Bitcoin at an average price of $24,521 per Bitcoin. In the period of more than two years, the value of Wrapped Bitcoin has risen by over 240%. Currently, the WBTC is at $83,375 per coin, which means that the Lazarus Group, after investing in the coin, is able to earn a handsome amount of money.
Source: TradingView
Profitable WBTC Investment
At the time of purchasing, the Lazarus Group acquired the WBTC at an average price of $86,170 per coin. This enabled the hacker group to make a gross profit of 251% within two years of holding the cryptocurrency. It also reveals the fact that the operations of the group are not only profitable but also capable of benefiting from the fluctuations in some of the markets within the crypto industry.
Lazarus Group has been on the radar of cryptocurrency security experts and law enforcement for a long time due to several major cyberattacks it committed. One of the biggest hacks was the attack on the Bybit exchange, to which the group was able to launder nearly 500,000 ETH, which is equal to $1.39 billion within 10 days. Additionally, the group was able to launder almost $605 million worth of the stolen funds through THORChain, a decentralized liquidity protocol.
Lazarus Group’s Expanding Cyber Attacks
According to the data obtained from the Arkham Intelligence. The hackers possessing assets belonging to the Lazarus Group own more than $1.1 billion in BTC, ETH, and USDT. This particular group has been seen to hold immense assets. That have attracted the attention of the various experts and regulatory authorities. Due to its continued innovation in the multiple mechanisms of hacking.
Source: Arkham Intelligence
The Lazarus Group has not limited itself to stealing cryptocurrency. The group has a very active presence in other types of cyberattacks. The findings of Google’s Threat Intelligence Group show that. North Korea has recently intensified its efforts in Europe to hack technology and cryptocurrency.
These are seen to be compromised employees. Who provide an inside access to the Lazarus Group hackers who perform such state-sponsored hacking efforts. This makes it all the more difficult for the global community to address cybercrime as adopted in cryptocurrencies.
