The Lazarus Group, a North Korean hacking collective, reportedly generated a profit of $2.51 million by selling 40.78 Wrapped Bitcoin (WBTC) acquired two years prior.
Data reveals that a wallet associated with the Lazarus Group recently sold 40.778 WBTC for a total value of $3.51 million in exchange for 1,847 Ethereum (ETH).
Following the transaction, the wallet redistributed 2.507 ETH into three separate wallets in amounts of 205 ETH, 500 ETH, and 1,865 ETH to another address linked to the Lazarus Group.
In February 2023, this wallet invested approximately 999,900 USDT to purchase 40.78 WBTC, which at that time was trading at an average price of $24,521. Despite the fluctuation in price, WBTC has soared over 240% in value compared to two years ago, currently trading at $83,459.
At the time of sale, WBTC’s average price was around $86,170. This successful transaction allowed the group to realize a profit of 251% after holding onto the WBTC for roughly two years.
Lazarus Group’s On-Chain Activities
Wallets credited to the Lazarus Group have been the focus of ongoing analysis by blockchain monitoring firms, particularly following the group’s notorious hack of the crypto exchange Bybit. Reports indicate that the group has been actively laundering funds obtained through its cybercrimes, utilizing a strategy of swapping cryptocurrencies and dispersing assets across multiple wallets.
In a notable incident on March 4, the group reportedly laundered nearly 500,000 ETH, amounting to $1.39 billion, from the Bybit hack within a mere ten days. The decentralized liquidity platform THORChain was utilized to process around $605 million of this amount in just one day.
According to recent intelligence data, a wallet linked to the Lazarus Group holds approximately $1.1 billion in various cryptocurrencies, predominantly in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Additionally, reports suggest a rise in North Korean IT workers attempting to infiltrate tech and crypto sectors across Europe, often acting as gateways for state-sponsored hacking operations like those conducted by the Lazarus Group.
