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Lazarus Group Holds Over $46 Million in Cryptocurrency

Exploring the extensive digital asset holdings of North Korea's notorious hacker group, the Lazarus Group.
Published on 2023-09-29

Overview of Lazarus Group's Crypto Holdings

The notorious North Korean hacker collective, the Lazarus Group, currently holds over $46 million in digital assets. Their portfolio prominently features Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). A significant portion of their holdings, approximately 92.11%, is in Bitcoin, valued at around $42.5 million.

Analysis of Crypto Wallets

This data stems from an analysis of 295 crypto wallets identified by the FBI and the Office of Foreign Assets Control (OFAC) as belonging to the Lazarus Group. The group has been linked to numerous significant cyber heists, accumulating a total theft of nearly $960 million.

Major Hacks Attributed to Lazarus Group

The Lazarus Group has executed several major hacks, including:

  • $620 million from Sky Mavis’ Ronin Bridge in March 2022
  • $100 million from Harmony’s Horizon Bridge in June 2022
  • $100 million from Atomic Wallet in June 2023
  • $60 million from Alphapo and $37 million from CoinsPaid in July 2023
  • $41 million from Stake.com recently

Additional Cryptocurrency Assets

Beyond Bitcoin, the group possesses 1,200 Ether valued at $1.91 million and 5,000 Binance Coin worth $1.06 million. Interestingly, no privacy coins are present in their holdings.

Recent Activities and Laundering Strategies

The Lazarus Group was recently linked to a hack on CoinEx, resulting in a $55 million loss. Reports suggest North Korean-backed hacking groups are laundering stolen funds through Russian cryptocurrency exchange platforms.

Transparency and Estimates

Estimates of the group's holdings are based on publicly available information and may not be entirely precise. To enhance transparency, a new dashboard has been developed by 21.co to display the group's crypto activities more clearly.

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