Blockchain
North Korean hackers laundered $200 million in stolen cryptocurrencies, a blockchain investigator says
The North Korean hacking collective, Lazarus Group, has laundered over $200 million in stolen cryptocurrencies, using sophisticated methods that include coin mixers and peer-to-peer exchanges.
The operations, which ran from August 2020 to October 2023, were detailed in a report by on-chain investigator ZachXBT.
The digital detective’s investigation uncovered fund laundering from over 25 different hacks on various blockchains, with the Lazarus Group employing the Ethereum Tornado Cash mixer and Bitcoin-based ChipMixer to hide the origins of the illicit funds.
The group also converted large sums of cryptocurrency into fiat through peer-to-peer exchanges, with accounts linked to them receiving $44 million from these hacks.
The usernames “EasyGoatfish351” and “FairJunco470” have been identified on P2P platforms as being associated with money laundering activities.
The Lazarus Group is known for carrying out some of the most significant cryptocurrency thefts.
According to United Nations Security Counciltheir cumulative thefts netted over $3 billion in digital assets.
The United Nations Security Council says the Lazarus Group’s crypto hacking spree is funding North Korea’s weapons program.