US Seizes Bitcoin Linked to $879 Million Hack by Lazarus Group

The United States alleges that a North Korean hacking group conducted a series of brazen heists, targeting both traditional financial institutions and the crypto space.

The total amount stolen reached a staggering $879 million. In response, the US government has taken steps to seize assets related to these thefts.

The US Seizes $2.7 Million

On October 4, 2024, the US government filed two legal actions to initiate the seizure of over $2.67 million in stolen digital assets associated with the North Korean hacker group Lazarus.

According to filings, the seizure order targets two major hacks. These include 1.7 million USDT stolen from the Deribit options exchange and 15.5 Bitcoin, valued at approximately $971,000, from Stake.com.

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Most recently, the Lazarus Group is also believed to be behind the hack of the WazirX exchange, which resulted in a loss of $234.9 million.

By seizing these cryptocurrency assets, authorities aim to disrupt the illegal financial flows generated by these hackers.

Lazarus Group has targeted organizations in countries including Japan, Singapore, the United States, and Vietnam. The US stated that the methods employed by the Lazarus Group combine malicious cyber attacks, extortion, and theft.

The moniker “Lazarus” derives from a biblical figure who rose from the dead. This name is fitting for a group that seems to re-emerge with new tactics and targets continuously.

Last September, the FBI warned about a new tactic by a North Korean hacker group targeting crypto investors.

“North Korean fake scenarios often include offers of new employment or corporate investment… The actors usually attempt to initiate prolonged conversations with prospective victims to build rapport and deliver malware in situations that may appear natural and non-alerting,” FBI warned.

In February 2021, the US Department of Justice announced indictments against three North Korean computer programmers. These individuals were involved in an extensive criminal conspiracy.

Their activities included stealing money and cryptocurrency. They also deployed malicious cryptocurrency applications and promoted fraudulent blockchain platforms.

The US also asserted that the Lazarus Group participated in numerous high-profile attacks. These attacks include the 2014 Sony Pictures hack and the creation of the WannaCry ransomware.

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Furthermore, the Lazarus Group often attempts to launder the stolen funds using the Tornado Cash mixer. However, law enforcement has managed to trace some of these funds.