North Korean Lazarus Group Allegedly Laundered Over $200 Million in Stolen Crypto from 2020 to 2023
The North Korean Lazarus Group allegedly laundered $200 million worth of crypto into fiat currency between August 2020 and October 2023, according to an April 29 investigative report by crypto sleuth ZachXBT.
The investigation examined over 25 exploits across various blockchains and traced illicitly gained funds through mixers, peer-to-peer marketplaces, and centralized exchanges to show how the funds were removed from the crypto ecosystem.
1/ How Lazarus Group laundered $200M from 25+ crypto hacks to fiat from 2020 – 2023https://t.co/s8zNFwlamb
— ZachXBT (@zachxbt) April 29, 2024
According to ZachXBT’s findings , the Lazarus Group has been implicated in laundering more than $200 million worth of stolen cryptocurrency between 2020 and 2023.
These illicit funds were obtained through over 25 crypto hacks allegedly orchestrated by the Lazarus Group, which has gained infamy since its emergence in 2009. The group reportedly stole over $3 billion in crypto assets over the six years leading up to 2023.
“Thousands of people in the space have been impacted directly and indirectly by Lazarus Group attacks, and it seems that number will only continue to increase,” ZachXBT wrote on X.
The North Korean hackers allegedly laundered the stolen digital assets using a combination of crypto mixing services and peer-to-peer (P2P) marketplaces.
The crypto sleuth pointed out that at least $44 million of stolen cryptocurrency has been laundered through the Paxul and Noones P2P marketplaces, utilizing usernames such as “EasyGoatfish351” and “FairJunco470.” These usernames exhibited deposit and trading patterns consistent with the movement of stolen funds.
Further analysis indicates that the hacked funds were predominantly converted
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