Blockchain intelligence platform Spotonchain has reported that North Korean province-backed hacking group Lazarus has pocketed more than $2.5 million in profits from recent sales of Lap Bitcoin (WBTC).
On April 3, the group sold 40.78 WBTC for 1,857 ETH. This was worth around $3.51 million. This sale will bring a sudden profit from the investment in February 2023. They spent about $1 million on USDT to acquire assets at an average price of $24,521 per WBTC.
In this recent deal, each WBTC sold for around $86,170, an increase of 250% from the original purchase price.
After sale, the group distributed ETH to three wallets. Two new wallets have been created, while the third one has already been linked to the group in past activities.
While trading may seem routine, market observers suggest that capital movements suggest preparations for future operations.
Lazarus Group
Over the past few years, Lazarus has steadily built a reputation as one of the most dangerous black hat organizations targeting financial and crypto I0Nustries.
Their activities, supported by the North Korean regime, have contributed to the theft of more than $6 billion in digital assets over the past decade. Wall Street Journal.
Their most notable attack to date has been the recent Bibit Hack, where they stole $1.5 billion in one exploit. These stolen funds are believed to support the country’s efforts to promote North Korea’s nuclear weapons development and avoid global sanctions.
Lazarus continues to rely on stealth, patience and deception to infiltrate businesses. In many cases, members will pos as recruiters on platforms such as LinkedIn and pretend to be remote IT workers. These social engineering tactics helped them access internal systems and carry out massive attacks.
On the other hand, the effectiveness of a group is associated with the resources behind it. According to estimates, North Korea operates a cyberforce of more than 8,000 individuals trained to violate the system.
Hacking groups operate in the structure and discipline of the digital military, and are reportedly a lasting threat to the global financial system.
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