The North Korean hacker collective, Lazarus Group, has laundered over US$200 million in stolen cryptocurrency, utilizing sophisticated methods that include coin mixers and peer-to-peer exchanges.
The operations, which spanned from August 2020 to October 2023, were detailed in a report by on-chain investigator ZachXBT.
The digital detective’s investigation uncovered the laundering of funds from over 25 different hacks across various blockchains, with the Lazarus Group employing Ethereum mixer Tornado Cash and Bitcoin-based ChipMixer to conceal the origins of the illicit funds.
The group also converted large sums of cryptocurrency to fiat through peer-to-peer exchanges, with accounts linked to them receiving US$44 million from these hacks.
Usernames “EasyGoatfish351” and “FairJunco470” were identified on the P2P platforms as being associated with the laundering activities.
The Lazarus Group is notorious for executing some of the most significant cryptocurrency heists.
According to the United Nations Security Council, their cumulative thefts have resulted in over US$3 billion in digital assets.
The UNSC alleges that the Lazarus Group’s crypto hacking spree funds North Korea’s weapons program.