- Lazarus Group has been linked to a $3.2 million crypto scam that targeted a victim on May 16.
- In a quick attempt to hide the stolen funds, they quickly moved them from Solana to Ethereum to cover all trails.
- After a while, the hackers deposited over 1,200 ETH into Tornado Cash, a privacy tool used to hide crypto transactions, while $1.25 million remains untouched in an Ethereum wallet holding DAI and ETH.
Lazarus Group, the notorious North Korean cybercrime organization, has made the headlines again after being linked to a $3.2 million crypto scam. The group in recent times has made its name as one of the top leading crypto crime organizations known for its sophisticated tactics and ties to the North Korean government.
This latest attack adds to their growing list of cybercrimes, showing the persistent threat they pose to the cryptocurrency and cybersecurity landscape.
How Lazarus Group Managed to Hide the Tracks of the Stolen Asset
On the 29th of June, ZachXBT, a popular blockchain investigator, shared a post on his Telegram channel that revealed that Lazarus Group was responsible for a scam involving the theft of $3.2 million worth of crypto assets.
According to his post, the incident took place on May 16, when an unsuspecting victim lost their crypto funds to the notorious Lazarus Group. Although he did not share the full details of how the scam happened, over time, the group has been known for targeting wealthy individuals and platforms through sophisticated and deceptive methods.
Also Read: Lazarus Group Linked to Massive Hack That Drained 6 Crypto Wallets
After stealing the funds, the hackers quickly moved the assets from the Solana blockchain to Ethereum so as to take advantage of the higher liquidity and cover their tracks. On June 25, ZachXBT recorded that they deposited about 800 ETH to Tornado Cash, a privacy-focused platform used to make crypto transactions harder to trace. And on June 27, they transferred another 400 ETH.
At the time of ZachXBT’s report, about $1.25 million of the stolen money had not yet been moved. This remaining amount is currently stored in an Ethereum wallet that still holds a mix of DAI stablecoins and ETH. The fact that these wallets remain untouched means that the hackers may be waiting for the right moment to launder the rest of the assets or possibly use them in another scheme.
Also Read: Bitcoin Nears $110K as MicroStrategy Moves $796 Million in New Wallets
