FBI: Lazarus Group Might Sell $40 Million in Bitcoin

Lavina Daryanani
Source: Tripwire

The Federal Bureau of Investigation [FBI] recently issued a statement warning crypto companies about the recent blockchain activity related to Lazarus Group. The agency tracked crypto stolen by the Democratic People’s Republic of Korea [DPRK] actors, more commonly known as the Lazarus Group, over the past 24-hours. Cautioning the community, its official statement noted,

“The FBI believes the DPRK may attempt to cash out the Bitcoin worth more than $40 million dollars.”

Also Read: South Korea: Cheongju to Seize Crypto From Tax Evaders

Lazarus Group’s Latest Victims

The FBI investigation pointed out that the group moved around 1,580 BTC from several crypto heists. The Lazarus group currently holds assets at six different wallet addresses. The hackers are infamously known for their attacks on Sky Mavis’ Ronin Bridge and Harmony’s Horizon Bridge.

More recently, the Lazarus group stole virtual assets from the payment processing platform Alphapo on June 22, 2023. On the same day, it also indulged in a $37 million theft, victimizing crypto payment service provider CoinsPaid. In a press release shared with Watcher Guru, CoinsPaid revealed that its internal investigation found that the hackers had spent 6 months tracking and studying the payment service provider. The group used social engineering techniques to carry out the heist. The statement additionally pointed out,

“The hackers employed the same tactics and money laundering schemes that Lazarus had used in their recent 100M USD Atomic Wallet heist.”

Furthermore, CoinsPaid’s investigation revealed that the majority of funds were withdrawn to SwftSwap as USDT tokens on the Avalanche-C blockchain. Right after, funds were partially sent in the second round to the Ethereum blockchain, with a further transfer to the Avalanche and Bitcoin networks.

Source: CoinsPaid

Also Read: Ethereum Whale Sells 10,600 ETH: Suffers $3 Million Loss

FBI Will Continue “Exposing” Lazarus Group

The FBI urged private sector entities to thoroughly examine blockchain data associated with Lazarus Group addresses. It asked parties to be “vigilant” in guarding against transactions with these addresses. Additionally, the agency intends to continue exposing and combating the DPRK’s use of illicit activities to generate revenue. Even Coinspaid urged entities to keep infrastructure components updated. It is also advised to set up a monitoring and alerting system for all suspicious activities.

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