The Lazarus organisation, a North Korean cyber organisation, lost access to $4.96 million!!
Lazarus outfit, a North Korean hacker outfit, lost access to $4.96 million after stablecoin issuers blocked two of its addresses. The assets were uncovered by the renowned on-chain investigator ZachXBT.
During a months-long investigation, ZachXBT traced how the organisation, associated with North Korean authorities,
Over the course of three years, they laundered more than $200 million in fiat and cryptocurrency. The monies were stolen in 25 attacks across many blockchain platforms.
The expert collaborated with teams from Metamask, Binance, TRM Labs, and Five Is LLC.
As a result, the firms behind stablecoins such as USDT (Tether), USDC (Circle), TUSD (Techteryx), and BUSD (Paxos) have frozen two of the hackers’ wallets.
In addition to roughly $5 million in stablecoins, the addresses hold $720,000 in DAI and $313,000 in Ethereum, which cannot be frozen.ZachXBT noted that the community often criticizes Tether’s compliance practices. However, the longest delay in freezing (4.5 months) came from Circle. The expert was surprised to find that despite having 1,000 employees, the USDC issuer does not have a dedicated hack response team to protect its ecosystem.
In addition, $1.65 million of Lazarus Group’s funds were frozen on multiple exchanges as part of the inquiry.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
x : cryptomantr