ZachXBT, an on-chain security analyst, reported that the notorious North Korean hacker organization, Lazarus Group, has amassed an astonishing $290 million in stolen funds from the blockchain.
He announced the theft and revealed the group’s involvement in various high-profile attacks on platforms such as Harmony Protocol, Atomic Wallet, CoinsPaid, and Alphapo.
According to ZachXBT’s tweet, the hacker group’s modus operandi involves pooling and funneling the stolen funds into over-the-counter (OTC) exchanges operating on the Tron blockchain.
This strategy has raised concerns among cybersecurity experts as the Lazarus Group finds novel ways to exploit security vulnerabilities in the cryptocurrency ecosystem.
Cryptocurrencies have long been a prime target for cybercriminals, given their decentralized and pseudonymous nature. Lazarus Group’s ability to siphon off such substantial amounts of funds highlights the challenges faced by the industry in mitigating cyber threats effectively.
The attacks on Harmony Protocol, Atomic Wallet, CoinsPaid, and Alphapo are the latest in a series of cybercrimes perpetrated by Lazarus Group. This state-sponsored hacking organization has gained notoriety for its involvement in high-profile incidents like the WannaCry ransomware attack and the massive theft of $625 million from the Ronin Network.
The Lazarus Group is a sophisticated and well-resourced hacking group. It has caused significant financial losses to individuals and businesses, and they have also undermined confidence in the security of cryptocurrency.
Other hacks the heist group has been part of includes that of a $100 million from Harmony Horizon Bridge. In June 2022, the Lazarus Group was accused of stealing $100 million from the Harmony Horizon Bridge, a cross-chain bridge that allows users to transfer assets between different blockchains.
Then $35 million from Atomic Wallet which also happened in June 2022. The group stole the money from Atomic Wallet, a non-custodial cryptocurrency wallet service.
Lazarus Group’s increasing focus on cryptocurrency-related thefts underscores the evolving landscape of cybercrime, where malicious actors are shifting their attention to exploit the burgeoning crypto market. As cryptocurrencies gain mainstream adoption, the need for robust security measures becomes ever more critical.
