The Lazarus Group (linked to North Korea) laundered $200 million into fiat currency from more than 25 cryptocurrency hacks between 2020 and 2023.
Early on, the threat group gained notoriety for cyberattacks such as the 2014 “SONY Pictures hack,” and in recent years has turned to the cryptocurrency industry.
TRM and Chinalysis (Blockchain Data Analysis Division) report that the amount of money involved in cryptocurrency incidents related to North Korea has reached as high as $4.1 billion.
The research tracked the flow of funds to multiple accounts, and the Lazarus team converted the stolen cryptocurrency into fiat currency.
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