The Federal Bureau of Investigation (FBI) has traced over $40 million in stolen Bitcoin (BTC) funds this week to Lazarus Group, a hacking group linked to the North Korean government. The group, which uses malicious applications to target cryptocurrency companies and individuals, is also known as Trader-Traitor.
Lazarus Implicated in $40 Million Bitcoin Theft
In a statement released yesterday (Tuesday), the FBI noted that approximately 1,580 BTCs were stolen and are currently being held at six BTC addresses. The US domestic intelligence and security service added that the group may attempt to cash out the stolen digital assets.
The agency pointed out that the group is behind several significant crypto thefts recorded in recent months. These include the heist of $60 million in digital assets from Alphapo, the $37 million stolen from CoinsPaid, and a $100 million misappropriated from Atomic Wallet, all of which were carried out in June this year.
???????? Last month TRM’s Ari Redbord was joined by Dr. Jung H. Pak, Dr. John Park, and Nick Carlsen to discuss the evolving North Korean threat and how to mitigate it.We rounded up our key takeaways from the discussion.???? Read the Recap here: https://t.co/AH59YLkS4h
— TRM Labs (@trmlabs) June 24, 2023
“The FBI previously provided information on their attacks against Harmony’s Horizon bridge and Sky Mavis’ Ronin Bridge, and provided a Cybersecurity Advisory on TraderTraitor,” the FBI added.
In the statement, the intelligence agency called on blockchain companies to scrutinize blockchain records of the BTC addresses. It further urged private companies to exercise caution in order to avoid transactions that are directly or indirectly linked to the addresses.
“The FBI will continue to expose and combat the Democratic People's Republic of Korea's use of illicit activities — including cybercrime and virtual currency theft — to generate revenue for the regime,” the FBI said.
Over $2B Stolen in the Last Five Years: Report
Over the last few years, North Korean hackers have continued to pose a dire threat on the cryptocurrency industry, with the Lazarus Group emerging as one of the most notorious. Last year, the group stole $540 million by hacking the Ronin Network, which is the blockchain powering the Axie Infinity game. A year before, the notorious group manipulated the cryptocurrency exchange, KuCoin, stealing about $281 million.
According to a recent report by TRM Labs, a blockchain intelligence company, North Korean hackers have stolen more than $2 billion in cryptocurrencies via over 30 attacks over the last five years. In 2022 alone, they stole over $800 million by launching three attacks on cross-chain bridges, showing their increasing focus on the decentralized finance ecosystem.
“In 2023, although the total amount stolen in cryptocurrency attacks is down from a record-setting 2022, North Korea has maintained its focus on the crypto ecosystem,” TRM Labs stated in the report. “Year-to-date, North Korea has stolen USD 200 million in cryptocurrency, accounting for over 20% of all stolen crypto this year.”
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This article was written by Solomon Oladipupo at www.financemagnates.com.
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