Updated: April 29, 2024, 10:10 a.m. EDT
According to an investigation by cryptocurrency detective ZachXBT, North Korea's Lazarus Group laundered $200 million worth of cryptocurrencies into fiat currency between August 2020 and October 2023.
The study investigated over 25 exploits on numerous blockchains. It tracked funds obtained illegally via mixers, peer-to-peer markets, and centralized exchanges, and showed how funds were removed from the cryptocurrency ecosystem.
“Thousands of people in space have been directly and indirectly affected by Lazarus Group attacks, and that number is likely to continue to grow.”ZachXBT I have written on social media platform X Monday.
Lazarus Group uses sophisticated cyberattacks to steal funds. The Block has previously reported that the group has been involved in large-scale cryptocurrency exploits, including the $100 million Harmony Bridge exploit in January 2023 and the Ronin Bridge hack in March 2022.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for this publication, covering all manner of crypto news, including NFTs, the Metaverse, Web3 gaming, fundraising, crime, hacking, and the crypto ecosystem. There is a tendency in the story of. MK holds a graduate degree from New York University's Science, Health, and Environmental Reporting Program (SHERP) and also covers health topics on WebMD and his Insider. You can follow MK on X @MManoylov and LinkedIn.
