North Korean hackers laundered US$200 mln in stolen crypto, says blockchain sleuth

North Korean hacker collective Lazarus Group laundered over US$200 million in stolen cryptocurrency using sophisticated methods involving coin shufflers and peer-to-peer exchanges.

The operations, which lasted from August 2020 to October 2023, were detailed in a report by on-chain researcher ZachXBT.

The digital detective’s investigation revealed the laundering of funds from more than 25 different attacks on various blockchains, where Lazarus Group used Ethereum mixer Tornado Cash and Bitcoin-based ChipMixer to hide the origins of illicit funds.

The group also converted large amounts of cryptocurrency into fiat via peer-to-peer exchanges, and accounts linked to them received US$44 million from these hacks.

The usernames “EasyGoatfish351” and “FairJunco470” were identified in relation to laundering activities on P2P platforms.

The Lazarus Group is famous for carrying out some of the most notable cryptocurrency heists.

According to the United Nations Security Council, over $3 billion in digital assets have been obtained as a result of cumulative thefts.

The UNSC claims the Lazarus Group’s crypto-hacking spree is funding North Korea’s weapons program.