The infamous North Korean hacker group, Lazarus, has once again demonstrated its ability to exploit the cryptocurrency market, securing a substantial $2.51 million profit from the sale of Wrapped Bitcoin (WBTC).
According to blockchain tracking platform Spot On Chain, the group originally purchased 40.78 WBTC in February 2023 for approximately $999,000 at an average price of $24,521 per token.
After holding onto these assets for 13 months, Lazarus strategically sold them for 1,857 Ethereum (ETH), cashing out at a significantly higher price of $86,170 per WBTC.
The move resulted in a staggering 251% return on investment, underscoring the group’s expertise in market timing and financial manipulation.
Hackers Use Advanced Money Laundering Tactics to Distribute Funds
Following the high-profile transaction, Lazarus swiftly moved the proceeds, 1,857 ETH, into three separate cryptocurrency wallets.
The method is a well-documented tactic among cybercriminal organizations to obscure transaction trails, making it more difficult for authorities and blockchain analysts to track illicitly obtained assets.
By distributing their earnings across multiple addresses, the hackers aim to evade detection and prevent potential asset freezes.
The latest maneuver showcases the group’s ongoing use of sophisticated money laundering techniques.
Often, it involves the conversion of stolen or ill-gotten funds into multiple cryptocurrencies before ultimately cashing out through decentralized exchanges or anonymous trading platforms.
WBTC Market Experiences a Decline Amid Large-Scale Selloff
In the aftermath of Lazarus’ sale, the market for Wrapped Bitcoin saw a minor downturn, with WBTC’s price currently standing at $83,354.42. This reflects a 1.13% drop in the past 24 hours and a more significant 4.48% decline over the past week.
While it is unclear whether the hacker group’s transaction directly influenced this decline, the liquidation of such a substantial amount of WBTC in a short period raises concerns about potential market instability.
With a total circulating supply of approximately 130,000 WBTC and a market capitalization of $10.76 billion, the asset remains a key player in the crypto space.
However, large selloffs, especially by entities linked to cybercrime, can trigger price volatility and increased scrutiny from regulatory bodies.
Lazarus Group’s Continued Threat in the Crypto Sector
The Lazarus Group remains one of the most formidable cybercriminal organizations operating within the cryptocurrency ecosystem, frequently engaging in large-scale hacks, financial exploits, and asset laundering.
North Korea’s state-sponsored cybercrime activities, particularly through Lazarus, have significantly boosted the country’s crypto holdings.
Notably, the group’s previous Bybit hack has pushed North Korea’s total Bitcoin assets to over $1.13 billion, surpassing the holdings of nations such as Bhutan and El Salvador.
With 13,518 BTC reportedly under its control, the regime continues to rely on cybercriminal operations as a key source of funding amid global sanctions and economic isolation.
Exchanges and Governments Strengthen Defenses Against Lazarus’ Attacks
In response to ongoing cybersecurity threats posed by the Lazarus Group, major crypto platforms and governments have intensified their security measures.
OKX recently suspended its decentralized exchange (DEX) aggregator activity after detecting a cyberattack attempt linked to the hacker group.
Similarly, South Korea confirmed that Lazarus and its affiliate group, Andariel, were responsible for the 2019 Upbit hack, which resulted in the theft of 342,000 ETH.
These incidents highlight the growing intersection of cryptocurrency and cybercrime, reinforcing the need for increased regulation and enhanced security measures to protect digital assets from state-backed cybercriminal organizations.
Also Read: North Korean Hackers Posed As Remote Employees To Exploit UK Blockchain Project