ZachXBT claims North Korea's Lazarus Group laundered $200 million from crypto to fiat
The investigation examined over 25 exploits on various blockchains. It traced illicitly obtained funds that passed through mixers, peer-to-peer marketplaces and centralized exchanges, to demonstrate how the funds were withdrawn from the crypto ecosystem
North Korea's Lazarus Group laundered $200 million worth of cryptocurrency into fiat currency between August 2020 and October 2023, according to an investigation by crypto sleuth ZachXBT.
The investigation examined over 25 exploits on various blockchains. It traced illicitly obtained funds that passed through mixers, peer-to-peer marketplaces and centralized exchanges, to demonstrate how the funds were withdrawn from the crypto ecosystem.
"Thousands of people in the space have been affected directly and indirectly by Lazarus Group attacks, and it seems that number will only continue to increase," ZachXBT wrote on the social media platform XMonday.
The Lazarus Group employs advanced cyberattacks to steal funds. The Group has been linked to major scale crypto exploits such as the $100 million Harmony bridge exploit in January 2023 and the Ronin bridge hack of March 2022, as previously reported by The Block.
