Lazarus Group Linked to $200 Million Crypto Laundering Scheme
Lazarus Group launders $200M 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.
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.
