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North Korean Group Linked to Major Crypto Heists


The Lazarus Group, tied to North Korea, has been implicated by the U.S. FBI for stealing $41 million from Stake.com, a cryptocurrency sports betting site, around September 4.

According to the FBI, the group is behind multiple prominent crypto thefts, amassing over $200 million this year alone. This includes notable heists like $60 million from Alphapo and CoinsPaid in July, and a whopping $100 million from Atomic Wallet in June.

Crypto news outlet, The Block, noticed suspicious transactions on platforms like Ethereum, Polygon, and BNB Chain shortly after the incident. However, Stake.com hasn't provided any comments on the matter.

Ron Hammond from the Blockchain Association sees this rising threat as a bipartisan issue. Political figures, including Senator Elizabeth Warren, are focusing on curbing crypto-linked crimes and money laundering. The introduced CANSEE Act in July aims to clarify regulations, specifically for decentralized finance, to counteract these criminal activities.

Highlighting the increased concern over entities like the Lazarus Group, Hammond noted, on the platform X (previously Twitter), the subsequent legislative actions and President Biden's remarks.

In a prior warning on August 23, the FBI cautioned crypto businesses about potential massive cashouts by entities connected to North Korea.

The Lazarus Group is known for their sophisticated methods like spearphishing and deploying malicious software to commit crypto thefts. Last year, Chainalysis reported that the group was responsible for a staggering $1.7 billion in stolen cryptocurrency.

Blockchain analysis firms have underscored the global threat posed by such DPRK-affiliated entities, emphasizing the need for tighter security in the crypto sector.

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Posted: 2023-09-11
By: dwirch
Viewed: 98 times

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