North Korean Lazarus Group has amassed over $40M worth of Bitcoin, according to data.
North Korean Lazarus Group has amassed over $40M worth of Bitcoin, according to data.
The Rise of Blockchain: Insights into the Lazarus Group’s Cryptocurrency Holdings
The blockchain industry has been in the spotlight recently with the revelation that the North Korean hacking group known as Lazarus Group holds over $47 million in cryptocurrency. This staggering amount is primarily held in Bitcoin (BTC), but also includes significant holdings in Ether (ETH) and Binance Coin (BNB). These findings were reported by 21.co, an institutional crypto platform provider, who compiled the data from a Dune Analytics dashboard that tracks 295 wallets belonging to Lazarus Group as identified by the US government.
A Closer Look at the Cryptocurrency Holdings
The wallets connected to Lazarus Group contain approximately 1,600 Bitcoin, 10,810 Ether, and 64,490 Binance Coin. At the time of the report, the combined value of these cryptocurrencies amounted to a staggering $75 million. It’s important to note that this figure represents a lower-bound estimation, as the actual amount held by the group may be even higher.
It is worth mentioning that the value of Lazarus Group’s cryptocurrency holdings has decreased since September 6, when it was reported to be $86 million. This decrease in value coincided with the Stake.com hack, in which Lazarus Group has been implicated. The crypto casino suffered a breach, resulting in a loss of approximately $40 million.
The Intricacies of Crypto Heists
Lazarus Group has gained notoriety for its involvement in several high-profile attacks within the cryptocurrency realm. One notable incident involved the hack of CoinEx, a cryptocurrency exchange from which the group drained at least $28 million worth of crypto. This attack on CoinEx is just one example of the string of crypto heists believed to be perpetrated by Lazarus Group.
- Coinbase now holds 5% of all Bitcoin.
- Street Cy₿er, a graffiti artist group, is painting the town with Bitcoin.
- 5% of all Bitcoin ever made is held by this exchange.
Other major attacks associated with the group include the theft of $620 million from Sky Mavis’ Ronin Bridge, $100 million from Harmony’s Horizon Bridge, and another $100 million from Atomic Wallet. These incidents, along with numerous other crypto heists, have shed light on the increasing threat posed by sophisticated cybercriminals.
The Wider Implications and Impact
The involvement of Lazarus Group in such attacks not only highlights the vulnerability of cryptocurrency platforms but also raises crucial questions regarding the role of cybersecurity in the blockchain industry. The fact that half of North Korea’s missile funding supposedly comes from cybercrimes and crypto theft emphasizes the need for continuous improvement in security measures within the crypto space.
As governments and institutions strive to understand the genius behind cybercriminals like Lazarus Group, the blockchain industry must work diligently to fortify its defenses and mitigate potential risks. This ongoing effort is indispensable in building trust and ensuring the longevity and stability of the crypto ecosystem.
In conclusion, Lazarus Group’s cryptocurrency holdings offer a glimpse into the ever-evolving landscape of the blockchain industry. The significant amounts held by the group underscore the potential risks associated with cryptocurrencies and the urgent need for enhanced security measures. As the industry develops, it must remain vigilant against the growing sophistication of cybercriminals. By doing so, it can pave the way for a secure and prosperous future where blockchain technology continues to revolutionize various sectors.
