ZachXBT claims North Korea's Lazarus Group laundered $200 million from crypto to fiat
North Korea's Lazarus Group laundered $200 million worth of crypto into fiat currency between August 2020 and October 2023, according to an investigation by crypto sleuth ZachXBT.
The investigation looked at over 25 exploits on numerous blockchains. It traced illicitly gained funds that went through mixers, peer-to-peer marketplaces and centralized exchanges, to show how the funds were removed from the crypto ecosystem.
"Thousands of people in the space have been impacted directly and indirectly by Lazarus Group attacks and it seems that number will only continue to increase," ZachXBT wrote on the social media platform X Monday.
The Lazarus Group uses sophisticated cyberattacks to steal funds. The Group has been tied to large scale crypto exploits such as the $100 million Harmony bridge exploit in January 2023 and the Ronin bridge hack of March 2022, The Block previously reported.
