BitcoinWorld

Lazarus Group Linked To $200 Million Crypto Laundering Scheme
Latest News News

Lazarus Group Linked To $200 Million Crypto Laundering Scheme

  • Lazarus Group launders $200 Million in crypto to fund North Korea’s arms, UN claims

According to blockchain investigator ZachXBT, North Korea’s Lazarus Group was implicated in laundering $200 million through cryptocurrency hacks between August 2020 and October 2023.

The group utilized advanced laundering techniques like coin mixers and peer-to-peer exchanges.

ZZachXBT’s report revealed that the group masked the origins of stolen funds from over 25 breaches across various blockchain platforms.

See Also: Russia Set to Ban Cryptocurrency Circulation from September 1, Allowing Only Domestic Digital Assets

They predominantly used the Ethereum mixer Tornado Cash and the Bitcoin-based ChipMixer.

Moreover, Lazarus converted substantial amounts of cryptocurrency into fiat currency via peer-to-peer platforms, with linked accounts receiving $44 million.

Usernames “asyGoatfish351” and “airJunco470” were identified as part of these transactions.

The group is known for orchestrating some of the most significant digital heists, with thefts totaling over $3 billion.

The United Nations Security Council claims these funds support North Korea’s weaponry initiatives, underscoring the broader security risks.

#Binance #WRITE2EARN

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.