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North Korean Hacker Group Lazarus Group Redistributes Bitcoin Holdings

The notorious North Korean hacker organization, Lazarus Group, has made significant Bitcoin transfers, reducing its total holdings to approximately 13,441 BTC. According to on-chain data, their current Bitcoin stash is valued at around $1.15 billion.

Mass Transfers Observed on March 20

On March 20, at approximately 9:18 AM UTC, Lazarus Group initiated a series of Bitcoin transactions. The first transfer involved 12.929 BTC, equivalent to $1.12 million, sent to an unknown wallet. This was followed by additional distributions across multiple addresses:

  • 0.308 BTC sent to two separate wallets.
  • 14.849 BTC transferred to one wallet.
  • 15.684 BTC moved to another wallet.

In total, over 44.07 BTC (valued at $3.76 million) was distributed across five different wallets within three hours.

Potential Laundering Activities

Experts speculate that Lazarus Group’s redistribution of Bitcoin across multiple wallets may be part of laundering efforts. These activities are often aimed at obscuring the trail of funds, making them more difficult to trace.

Bybit CEO Highlights Traceability of Stolen Funds

Earlier in the day, Bybit CEO Ben Zhou stated that 88.87% of the stolen funds from the exchange remain traceable through blockchain data. Zhou noted that approximately 86.29% of the stolen assets, worth $1.23 billion, have been converted into 12,836 BTC and distributed across 9,117 wallets.

According to Zhou, the hackers appear to be leveraging Bitcoin mixers to scramble transaction histories, further complicating efforts to track the stolen funds.

Lazarus Group’s Current Holdings

As of now, the wallet labeled “Lazarus Group” by analysts holds a diverse portfolio of cryptocurrencies:

  • 13,658 ETH (valued at approximately $27 million).
  • $3.17 million in BNB.
  • $706,400 in DAI.
  • $288,870 in Baby Doge Coin.

Additionally, the wallet contains significant stablecoin reserves, including BUSD, Tether (USDT), and USDC. However, Bitcoin remains the largest share of their holdings.

Who Is Lazarus Group?

Lazarus Group is a state-sponsored hacking organization linked to North Korea, active since at least 2009. Known for its sophisticated cyber operations, the group’s earliest attack, termed “Operation Troy,” targeted the South Korean government.

Their most recent high-profile hack involved the Bybit crypto exchange, resulting in losses of approximately $1.4 billion. This incident is regarded as one of the largest cryptocurrency hacks in history.

For more updates on cryptocurrency trends and security news, stay informed here.

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