FBI Tracks $40M in Bitcoin Linked to North Korean Hacking Group Lazarus

According to the FBI, a North Korean hacker group known as Lazarus has been responsible for several cryptocurrency breaches in the past year. The group has accumulated 1,580 Bitcoin, valued at $40 million, in six digital wallets that have been identified by the authorities.

North Korean Crypto Hackers Flagged by the FBI

The statement released today by the intelligence and security service revealed that they had traced crypto assets stolen by groups (Lazarus Group and APT38) associated with the Democratic People’s Republic of Korea (DPRK), using methods known as “TraderTraitor.”

According to the FBI’s investigation, the Lazarus group moved approximately 1,580 BTC linked to several crypto exploits. The FBI has issued a warning to cryptocurrency companies, stating that the movement of funds associated with the North Korean hacking group Lazarus could indicate that they are attempting to sell their ill-gotten gains. 

The agency advises companies to be vigilant in monitoring for suspicious activity. The FBI has alerted cryptocurrency companies to monitor the six digital wallets that belong to the North Korean hacker group Lazarus. 

The group has used blockchain data to track and move funds that they have stolen from various crypto-related attacks in recent years. The group’s crypto assets are worth billions of dollars.

The report by TRM Labs reveals that the crypto assets worth nearly $2 billion have been hacked by the North Korean group since 2018. The group’s activity peaked in 2022 when it breached and stole almost $1 billion in crypto assets in a single year.

Despite the sophistication of their methods, blockchain technology still makes it difficult for exploiters to launder or move their ill-gotten gains due to the public ledger that makes it possible to track the movement of funds.

Crypto companies and law enforcement agencies such as the FBI have collaborated in the past to stop the flow of funds related to such cyberattacks.

This recent development serves as a reminder of the ongoing threat posed by state-backed hacking groups and the importance of continued vigilance and cooperation between law enforcement agencies and crypto companies in tracking and freezing illicitly obtained funds.