North Korean Hackers Launder $200M in Bitcoin
Crypto laundering has long plagued the industry, with the Lazarus Group, a North Korean hacking collective, employing sophisticated tactics such as coin mixers and peer-to-peer exchanges to launder nearly $200 million in stolen bitcoin.
Digital investigators found that funds from over 25 separate blockchain attacks had been laundered, with the Lazarus Group obscuring the source using Bitcoin-based ChipMixer and Ethereum mixer Tornado Cash.
Previously, Lazarus, allegedly controlled by North Korea, engaged in multiple exploits, including transferring $12 million in Ether using the coin mixer Tornado Cash by mid-March this year, sparking concerns in the crypto community.
The use of Railgun’s native token (RAIL) for illegal purposes by Lazarus threatens its value, highlighting challenges in blockchain technology and raising concerns among users despite its maturity.
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In 2023, TRM Labs reported North Korean hackers stole cryptocurrency worth at least $600 million, potentially reaching $700 million with confirmed hacks from the previous year.
The Democratic People’s Republic of Korea (DPRK) accounted for about one-third of cryptocurrency thefts, marking a decrease from the $850 million stolen in 2022. However, North Korean-linked hacks were ten times more damaging than others, with TRM Labs estimating nearly $3 billion embezzled in cryptocurrency since 2017.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
