The Lazarus Group from North Korea reportedly profited $2.51 million by selling 40.78 Wrapped Bitcoin, which they had purchased two years earlier.
As per recent data, a wallet thought to be associated with the North Korean hacking collective has divested 40.778 WBTC (Wrapped Bitcoin) for $3.51 million, receiving 1,847 Ethereum (ETH) in exchange.
Post-sale, the wallet allocated 2.507 ETH from its total assets to three distinct wallets in transactions of 205 ETH, 500 ETH, and a final transfer of 1,865 ETH to another wallet linked to the Lazarus Group.
In February 2023, the wallet invested roughly 999,900 USDT (Tether) to acquire 40.78 WBTC, with the average price at the time being approximately $24,521. Reports indicate that Wrapped Bitcoin has surged over 240% since two years ago, currently trading at $83,459.
At the time of selling, WBTC was priced at around $86,170 on average, leading to a realized profit of $2.51 million, equivalent to a 251% return after holding onto the 40.78 WBTC for nearly two years.
On-Chain Activities of the Lazarus Group
Wallets that are alleged to belong to the infamous Lazarus Group from North Korea have been under close monitoring by on-chain data analysts, particularly in light of their hack on the crypto exchange Bybit. The group has been converting stolen funds through various cryptocurrencies and dispersing them into multiple portfolios.
Reports indicate that the group successfully laundered nearly 500,000 ETH, worth approximately $1.39 billion, from the Bybit hacking incident in just a span of ten days. They utilized the cross-chain decentralized liquidity platform THORChain to facilitate at least $605 million of these funds in one single day.
According to additional data, a wallet affiliated with the Lazarus Group is believed to hold around $1.1 billion in cryptocurrency assets, with a significant portion invested in Bitcoin (BTC), Ethereum, and Tether.
Furthermore, it has been noted that there has been a noticeable increase in efforts by North Korean IT workers to infiltrate technology and cryptocurrency firms across various European nations. These IT professionals often serve as entry points for state-sponsored hacking factions like the Lazarus Group.