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North Korean hackers lose $400,000 worth of cryptocurrencies in 2 days
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The feared Lazarus Group, a notorious hacker gang linked to North Korea, has shown that even those most skilled in cybercrime can face financial losses. After invest more than US$2.8 million upon purchasing 74,077 ETH, the group saw the token’s price drop, resulting in a loss of around US$400,000 in just two days.
Hackers are feared by market sharks and can cause billions in losses for even the most cautious investors. However, the ability of these cybercriminals to harm other people does not prevent them from becoming victims of their choices. Yes, hackers also make mistakes and lose money – probably not their money.
It’s rare, but some criminal groups specialize in cryptocurrency thefts can invest the stolen assets to try to increase their profit rates. As a result, in addition to profiting from the theft itself, they can also profit from the volatility of cryptocurrencies. This is what happened with the Lazarus Group. Only the opposite.
The formation of the Lazarus Group predates the cryptocurrency market and victims of Sony Pictures and the Bangladesh Bank. The group’s members are cybersecurity experts and have found the cryptocurrency industry to be full of opportunities to carry out their crimes.
About Lazarus Group
The first news linking the group to cryptocurrency attacks dates back to 2017. That year, members of the group stole users from South Korean exchange Coinlink. In the same year, the group stole US$7 million from the Bithumb exchange and 17% of Youbit’s assetsforcing the latter to file for bankruptcy.
One of its most famous actions was the attack on the Harmony network, which caused losses of US$100 million to around 65,000 users of the network in 2022. In 3 years, the group’s name was linked to losses of US$200 million in cryptocurrency hacking. However, despite being highly knowledgeable about the vulnerabilities of cybersecurity systems, the group does not understand much about investments.
A wallet associated with the Lazarus Group recently made a transaction that generated a considerable loss. On the 18th, the group invested US$2.8 million in the purchase of 74,077 ETH for US$3,791 per unit.
The group’s expectation was that the token would appreciate in value (long operation). However, the ETH recorded significant drops and became worth US$3,114.57 on the 20th. On the same day of the maximum drop, the group ended the operation and sold the 74,077 ETH for the amount of US$2,408,869.96.
Thus, in just 2 days, the group of criminals lost around US$399,953.73which shows that not even the most obscurely brilliant minds can make good choices when it comes to investments. The case becomes even more curious because the following day Ethereum had a slight recovery and was quoted at US$3,524.47.
North Korean hackers lose $400,000 worth of cryptocurrencies in 2 days
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North Korean hackers lose $400,000 worth of cryptocurrencies in 2 days
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North Korean hackers lose $400,000 worth of cryptocurrencies in 2 days
