A blockchain intelligence platform has disclosed that North Korea’s state-sponsored hacking collective, Lazarus, has accrued over $2.5 million from a recent transaction involving wrapped Bitcoin (WBTC).
On April 3, the group sold 40.78 WBTC for 1,857 ETH, which amounts to roughly $3.51 million. This transaction marks a significant return on their investment from February 2023, when they acquired the assets for approximately $1 million in USDT at an average price of $24,521 per WBTC.
In this latest deal, each WBTC was sold for around $86,170—more than 250% higher than their initial purchase cost.
Post-transaction, the group allocated the ETH across three different wallets. Two of these wallets were newly created, while the third has previously been associated with the group’s past operations.
Though this transaction may seem routine, market analysts have suggested that the movement of funds could indicate preparations for future activities.
Lazarus Group
In recent years, Lazarus has gained notoriety as one of the most formidable black-hat entities targeting the financial and cryptocurrency sectors.
Supported by the North Korean regime, their actions have resulted in the theft of over $6 billion in digital assets over the last decade, according to a report from April 3.
The group’s most significant operation to date was the recent hack on Bybit, where they managed to steal $1.5 billion in a single exploit. The funds taken are believed to aid North Korea’s nuclear weapons program and assist in circumventing global sanctions.
Lazarus relies on stealth, patience, and subterfuge to penetrate corporate defenses. Members often masquerade as recruiters on platforms like LinkedIn or as remote IT employees. These social engineering techniques have proven effective in accessing internal systems and executing large-scale attacks.
Additionally, the group’s success can be attributed to the resources at their disposal. Estimates indicate that North Korea maintains a cyber force of over 8,000 skilled individuals trained to infiltrate systems worldwide.
The hacking collective reportedly operates with the organization and discipline akin to that of a digital military, establishing them as a persistent threat to the global financial landscape.
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